I think it was seen as a symptom that the Chinese leadership may be really scared about their economy.Why would you want to depend more on exports if you're a country that has a stated policy of relying less on exports and more on consumer spending, domestic spending?

It may be that the U.S. stock market starts to rise if people think it's gone far enough.

If you don't have a set of principles that you can explain for what you are doing, then how can anybody know what you're going to do next?

There is also a concern that there is a lack of demand of oil. And so when commodity prices fall, it's good if you happen to be a consumer, but it's sometimes seen as symptom of a weakening economy.

People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.

I think the Chinese are really amateurs when it comes to running markets.

Chinese don't really believe in markets. They like stability, they like control.