Chinese Stocks Plunge, Asia At 4 Year Lows But PBOC Currency Intervention Pushes US Futures Higher

After a turbulent start the Shanghai Composite sank by 5.3% to close just above 3000 and down 15% in just the past 11 days, suggesting that the PBOC is increasingly seeing the CNY1.8 trillion (at least) spent to stabilize stocks as a sunk cost.