FXI slumps 2.8% premarket after the PBOC signalled it sees no reason to step in to ease a liquidity crunch in the financial system, and the Shanghai Composite dove 5.3% overnight. Veterans of central bank-speak know the drill - 1) act tough 2) act tough some more 3) cave. It's worth noting benchmark money market rates tumbled for a 2nd consecutive day, the overnight repo rate off 196 bps to 6.47% (it had been near 13% two sessions ago). Tracking the Shanghai Composite a bit more than FXI might be CAF and it's off 18% in a month compared to 12% for FXI.