Just plain ugliness from China today, first with economic statistics that weren't just the worst since 2009 they are now becoming like 2009. Second, CNY keeps pushing lower to the point the PBOC may be forced to alter its attempt to stabilize China's currency against heavier deflationary and recession eurodollar pressures. This isn't just about the dire shape of the Chinese system, either, rather an accurate reflection of so much negative global potential that is less and less mere potential.

Eurodollar University's Money & Macro Analysis