China plays a very important role in stabilizing Asia. With contraction within China in terms of PMI this usually leads to increased protection in Asia CDS, as investors demand protection against possibly defaults. This is to be expected, with China's dominance in the region, and the economic powerhouse that it is. If we continue to see slowing growth, as can also be seen and measured by the credit impulse out of China in the second picture. Chinese growth even with the reopening absent higher loan growth/GDP, growth might be stagnant. This should keep risk especially within the real estate and banking sectors within Asia at risk.