I do think that people are over reacting to the China financial crisis, it's a big deal inside China, maybe, but with the exception of the few tentacles that stretch across borders, most of the problem is contained inside China. It's not as though the Chinese currency is a major reserve currency or that their bonds are eagerly snapped up by every country because  they are considered safe like T'bills. The Chinese economy is important to the Chinese and to the countries that export to China, it's also important to the global equities market because of its potential. But if China crashed tomorrow, Thailand could potentially lose 13% of its exports market and there would be fewer tourists arriving from China (but not by many) but much more than that, I think things would be broadly similar to any other day.