The global Central Banks are in damage control mode.
The big story here is China, which is fast approaching its “Lehman” moment with interbank liquidity drying up rapidly and overnight rates are soaring.
China’s shadow banking system equal to over $18 trillion (more than 200% of China’s GDP), so this could be the mother of all bubbles bursting.
Indeed, China’s stock market has now fallen 20% and is in a free fall. ...