Im still skeptical that this will turn into a good hard wipeout. Some commentary on it that I agree with
China has declared war on their speculative class. They're gonna let this one do some significant damage to them before they step in.
In China there is no "independent Fed" to make sure the banks and monied investors never lose. Its all run DIRECTLY by the government and right now the government is going to take some scalps. Eventually they will have to step in but I suspect that will happen later rather than sooner.
Xi likely going to do what our leaders and regulators have been unwilling to do: let a few of these "Too Big To Fail" mfkers fold. Maybe even lop off a few token heads. He's already allowed their bubble to inflate too far and knows he doesn't have the capacity to print the trillions necessary cuz his currency isn't as impeccable as our -ahem- pristine dollar. lol.