No it is not, a slowing economy crippled by 346% in debt/GDP; it’s not the artificially high exchange rate (which was pegged to a dollar when it was plunging during QE1-3 and is now soaring) yet which China can’t aggressively lower either as that would mean a disorderly flight of capital from the mainland; it’s not the feedback loop of plunging commodity prices and highly levered domestic corporation which can not pay their annual interest expense payments; it’s not the recently burs