Its meltdown could scarcely come at a worse time for Xi Jinping
Every fresh lurch upwards prompts some big questions
It must be reformed without jettisoning what makes it work in normal times
Can decentralised networks reform themselves?
In Beijing, officials are preparing for conflict
But it at least suggests Beijing still sees some value in links with America
Unlike in the global financial crisis of 2007-09, they will not have things all their own way
That technical analysis is in vogue indicates a certain uneasiness