We know, we know, it’s all about September and "liftoff" and that "diminutive" Atlas-like superwoman Janet Yellen, who holds the fate of the EM world in her media dissent-suppressing hands.

Be that as it may, if the last two weeks have taught us anything at all (other than that a Reg FD violation is called a "scoop" when it involves Jim Cramer and Tim Cook), it’s that China quite clearly matters - and it matters quite a lot. 

We’ve certainly been keen to document the various transmission channels whereby China’s economic deceleration, stock market collapse, and currency deval have translated into a commodities collapse, an emerging market meltdown, and a Black Monday replay on Wall Street, and while we acknowledge the fact that because the situation is quite fluid, a Venn diagram is probably a better way to visualize the interplay between EM carnage, the yuan devaluation, the SHCOMP collapse, FOMC confusion, and commodities carnage, the following China contagion flow chart from RBS should help to provide some clarity on why it is the market seems to suddenly cares so much about China.