This is definitely one of the hottest stories in financial markets right now.
The Chinese currency, the Renminbi used to be a one-way bet: it went up. There were little zigs and zags there, but basically it was uni-directional.
Not lately.
The Renminbi is on a real losing streak, and last night it fell again.
Here's a one week chart, via XE.com, of USDCNY, showing the dollar's steady march higher.
Meanwhile last night, the Shanghai Composite fell another 2%.