China Worried But I'm Not
Part of the afternoon selloff was due to the fact that news hit that China has been reviewing its Eurozone debt holdings. China is not going to exarcebate this crisis by dumping European debt on the market. As a giant exporter they have more at stake than anyone else. However, they are realizing that if they continue to accumulate mountains of sovereign debt the day will come when they won't get paid back. This will likely push China towards revaluing the yuan once markets calm down. This tidbit is worth remembering once the markets calm down and nobody is worried.