As CNYJPY Jumps To QE2 Levels, What Odds Are Markets Implying Of A China Hard Landing?

With tonight's multi-year record CNY fixing and trillions being flushed at maintaining an arbitrary line in the sand, it seems appropriate to re-consider how to hedge a China hard landing and what probabilities various asset classes are assigning to it occurring. While many are pointing to what seems an entirely capricious level of 79.20 JPY to the USD as the 'new normal' being defended, we were curious at the strange coincidence that the CNYJPY cross implied by tonight's CNY fixing and

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