iShares Xinhua China Index Fund (FXI) is down 94 cents to $27.84 and February puts are active after 5,000 at the 28 line traded for $2.62 while 5,000 of the Feb 22s traded for 69 cents. With the volume easily exceeding existing open interest, the activity looks like the opening of a substantial bear put spread and possibly based on the view that China’s equity markets might open lower on the heels of today’s decline in the US.