$ProShares Short FTSE China 50 ETF(YANG.US) rose six or seven points, Chinese assets fell quite a bit today; the tech ETF fell over one point, the South Korea ETF fell slightly, and the short-term bond ETF just lay flat all day. On the same day, inverse products shorting China surged, broad-based tech fell, and cash-like assets remained completely still—is this capital systematically de-risking and moving to the defensive side, or is it just a one-day sentiment? I feel the logic of this wave is: in an environment of a strong dollar and geopolitical disturbances, capital withdrawing from high-beta growth and emerging markets and temporarily parking in short-term bonds to avoid risk is a very typical safe-haven switch.