Probably reading too much into the August 2015 experience, in my view. This, and many other actions by the PRC Gov, were likely driven by domestic policy needs where western media tends to over interpret as some "grand PRC strategy". These domestic needs include deleveraging of the credit system and reduce system risks, specifically regarding the shadow banking system which was growing out of control and outside PBOC/BCRC monitoring, mostly going to real estate sector and doesn't show up in banks' balance sheet, so regulators needed to clamp that down and bring that back into the regulated financial systems. Other factors also include vast overseas asset purchase (Waldorf, soccer teams, InFront sports agencies) by the likes of Anbang, Wanda, HNA and Fosun, at inflated valuation and backed by domestic debt, again many from the shadow banking system. All of these had massive potential impact on the overall financial systems. One thing you can say about PBOC and CBRC is that, unlike their global counter parts, they actually try to prevent credit/asset bubble and take actions when irrational exuberance goes out of hand.