Well I think I found the main source of concern that caused the massive sell off.
A last minute averted bankrupcy in the coal sector in China, Shanxi.
Two of the major Chinese banks took over a shadow lending product of USD496 million of the Zenhfu Energy Compay (coal mining) that was expected to default the 31 January.
Technically this is a step back from the supposed liberalisation of the market in China.
So this year the eyes on China are all linked to coal (coal, steel, shipbuilding) as they all have overcapacity and coal lost 16% YoY. The Government, as we saw, is prepared to step in, but the real danger is a systemic risk.
But this will be not this this year, I think
investorpolitico 