With the global depression looming around, the world factory's economy was hit hard as demand dwindles. Patriotic American at this time are those who save, but patriotic Chinese at this time are those who spend. Knowing just that, immediately after the Chinese Premier expressed China's willingness to help the US stabilize its finance (new media obtained a price tag of $200 Billion in new US treasury bonds), the DoD announced a $6 Billion arm sale to Taiwan, the separate province of China. This is a big slap on the face to the Chinese Premier.
The next day, the Chinese central bank went ahead with a global coordinated rate cuts.
How is a Great Depression look like? China apparently is already scared. Is the United States scared?