AP Photo

If there is any trend to watch, it will be money flows across China's borders. Not long ago, speculators thought the yuan was on a one-way trip upwards, and money surged into the country, sending foreign exchange reserves upward. That flow reversed in the last quarter of last year, which saw the first decrease in the reserves since 1998, largely the result of hot money heading for the exits. Yet there was a big inflow in Q1—$74.8 billion—contributing to a stunning $3.31 trillion in the kitty at the end of that period.