JPY

They slwoly get it: JPY rises.

Yes China inflation is imo a much bigger threat then anticipated. Still around 700 to 800 million Chinese are very poor. The govt. risks social unrest and massive riots if prices rise and wages are low to extremely low. I think even without clear signals one should go short industry metals especially copper
and short AUD NZD and possibly CAD. If PBOC hikes expect indices to crash some 2 to 3 weeks later.
JPY long is not a bad idea,too. UST futures have not clearly reacted yet.

thanks Ashraf.

Since Jap is in deflation and BOJ works against deflation for some ten years JPY can be considered as safe. Should earnings disappoint and PBOC tighten you will see JPY strenghten esp. vs EUR since EURzone is highly inflationary.