The 2016 global stock market meltdown is easily attributable to China. After all, China not only led the way timewise but also in terms of magnitude. Ostensibly, the China debacle was triggered by the widening spread between the onshore and offshore yuan and the ultimate move by the PBOC in changing the peg of the yuan to the dollar. In many respects, the further devaluation of the yuan has been anticipated since last August. Stock market sentiment has been further pressured by the anticipated lifting of the ban on trading by large shareholders. It was scheduled to expire towards the end of this week. Sentiment was not helped by newly formulated circuit breakers.