This chart of the Shanghai Composite interests me.
If we accept that markets are forward pricing mechanisms then this presents an interesting picture of the true internal dynamics of the Chinese economy. As opposed to the state sponsored data shows this chart by derivation an economy that is actually slowing not expanding. The Shanghai Composite is 53% off its 2008 peak. Granted the market at that time was overheated but this is a substantial discount.
This raises questions for world wide commodities markets since they have been using the excuse of China as their driver – action this week in various markets might be offering an alternative perspective.