The Chinese stock market has crashed.

As you can see on the following chart, shares of the iShares China Large-Cap ETF (NYSE:FXI) have plunged by about 25% since March 1. And this move came after a downtrend that began in November.

With the media and the pundits focused on the tragic events in Ukraine, this isn’t getting the attention that it should.

The stock market tends to be a leading economic indicator. It tends to turn before the economy does. It could be an ominous warning that the recent COVID outbreak is going to be worse than many analysts believe.

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