Chinese rail freight collapses 9.1% YoY; China Manufacturing PMI tumbled back to a contractionary 49.2 – lowest in 11 months; and the Employment sub-index plunged to its lowest since Lehman … yeah but apart from that, everything is awesome. And for those excited about just how disastrous Chinese data is (and thus how huge the next stimulus unleashing will be), think again – China now sees exactly where the last trillion dollar QE went…