Asian stock indexes are down tonight: Shanghai Index -0.76%, Shenzhen Index -0.79%, Nikkei 225 -1.06% (Tokyo), Hang Seng -1.34% (Hong Kong). Chinese stock indexes (and ETFs) are testing important support levels. I will chart them out specifically in a few hours. China's CDS (credit default swap) is up 28% in a month, and it appears that there's an inverse relationship between FXI (iShares FTSE China 25 ETF) and the China 5Y CDS. China news: "China Stocks Retreat to July 2010 Low; Anhui Conch Drops on Housing Sales", "World Must ’Get House in Order,’ Not Rely on China: Premier Wen".