JL, I asked JB and the team, and the advice was to give it a bit more time through quarter end and review mid-week next week with a stop pulled down below 4500 now (use your judgement regarding where to put the stop). We still expect a relatively quick resolution, but can afford to give it a few more days.

Last time I discussed with JB the answer was to keep it, cos it was all perfectly consistent with further weakness. But let me go and check today.

This is at least partially true. However, you have to ask why Australia needs to protect its shipping from China when most of the stuff they shipped used to go to .... China. China is increasingly aggressive, but its assertiveness is more economic than military - for now! Foisted might overstating it. The Australians have discovered that China is infiltrating Australian institutions, and this naturally alarms them. Many Australians see a threat from China. However, if Australia didn't come along voluntarily with some aspect of this, its worth noting the US commentators like Mearsheimer who break it down into a "with us or against us choice". This is key, at least for investors. We are all being asked to pick a side, including investors. If your US company has substantial investments in China, you should be worried. HSBC is in a very tough place.

Definitely a factor and I think its probably much underestimated. There are some reports that Chinese bureaucrats and businessmen represent the biggest demand for crypto, using it to transfer money out of the country with relatively few finger prints. For guys moving money which is potentially dirty, do so without getting caught is much more important than avoiding any frictional losses. Some have suggested they wouldnt care if they experienced 50% losses rather than the gains they have experienced. But its also worth considering the cost of electricity. Chinese electricity is heavily subsidized. So this is actually arbitraging that subsidy. Hence the aggression in shutting down "mining".