Greece has kept China off the front page I guess...  Its interesting but wrong to characterize China in the same risk camp as Greece however. 

Puerto Rico also in the mix gave yesterday a perfect storm on the vol front (+32%) for the broader market to contemplate.  The reality is however that China was no more or less a factor in the risk assessment yesterday despite the fact the market locally did not respond to the RRR and interest rate cuts enacted over the weekend.

China (FXI, quote) is rallied hard last night and closed on the highs at key 4470 level.  Regaining the 4500 level will be important for the market.  See the CSI300 local index over the three months:

China A Shares:  Back to Key level

China A Shares: Back to Key level

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