China's Central Bank Asked Fed For 1987 Playbook

China's central bank reached out for help: On July 27, 2015 an email was sent from the People's Bank of China to counterparts in the U.S. central bank. The subject header, "Your urgent assistance is greatly appreciated!" might have seemed like SPAM promotional email. But it was in fact very real, revealing an urgency that came from China’s recent market crash. The Shanghai Composite Index had fallen from 5166 on June 12 to reach a near term bottom of 3507, off near 33% in just over one month -- and it was about to fall further.