China has become the global countervailing force of de-flation, aiming to reverse the “commodity boom” and simultaneously strengthen the dollar against the yuan. First, as already reported, on May 22 the National Development and Reform Commission (NDRC) cracked down on commodity speculation by metals producers and their banks, threatening serious fines and penalties. Second, the China Banking and Insurance Regulatory Commission (CBIRC) requested banks to unwind existing books of commodity-linked products, meaning their loans to and futures trades with retail investors. CBIRC is cracking down on commodity speculation among retail investors and exchanges have been told to implement price-control measures for commodities.