It is most ominous for China. The place with the world’s biggest dollar problem has a lot riding on what may seem by comparison the small matter of tens even hundreds of billions in US$ repo liquidity. The latter feeds the former, a condition that country can increasingly not afford. The externality of any elevated dollar issue becomes internal to Chinese money adding to the volatile mix of growing economic fears and political paralysis. More than a slowdown, more than a downturn, China is being pushed dangerously into reactionary territory.