A few weeks ago all the talk was about Japan.
Now the focus turns to China.
Last week we saw a surge in short-term interbank lending rates spark fears of a credit crisis.
Today: market crash.
The Shanghai Composite fell 5.3%, as the saddest index in the world continues to plummet.
Elsewhere in Asia, the Nikkei, which had opened up 1.4%, ended down 1.36%.
Meanwhile in Europe, Italy is down 0.7%. US futures are red.
Also, interest rates on the US 10-year are up to 2.59%.
That at the Chinese decline will be today’s big story.
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