Well, if you didn't think economic and policy actions in China were driving the markets, look again. Nearly all the market activity this morning revolves around China, whether it be stock markets, commodities, foreign currency, Google, Baidu, or whatever. Take a look:

• Markets are off on fears that Chinese officials will tighten policy further to cool off inflation, says da Bloomberg.
• Baidu shares are flying -- up more than 6% -- on reports that Google is close to shuttering its China site (Wall Street Journal).
• Word is that China is talking tough on censorship (Washington Post). Did you expect anything less?
• Chinese Premier Wen Jiabao is pushing back on calls to let China's currency rise (Reuters). Hmm, yet he's worried about inflation? Unpeg your currency, dude!
• Chinese energy company Cnooc is gobbling up oil resources in South America (New York Times). That's a hungry monster, that China!

And in other, non-China news:

• The Apple blogs are reporting that orders for the iPad are slowing down (Apple Insider).
• Flurry reports that the iPad has boosted app developers, who are excited about the platform (Fortune).
• Here's a daily news wrap from the SXSW show (Billboard). Billboard? Yes, billboard. You know, SXSW was supposed to be a music show.
• ABBA and Jimmy Cliff have been inducted into the Rock and Roll Hall of Fame (CNN). Now that is one interesting combo. I would like to see a concert with them playing together.
• Colorado is ground-zero for Amazon's fight to stave off state taxes (MSNBC). Note to Amazon: Have you noticed that the states are, like, broke?
• FBI details most difficult Internet scams (NetworkWorld).

There are increasing signs that China's heading for big economic changes, and that will likely fuel an increase to the market chaos. The most recent speculation involves a potential upward revaluation of the Chinese Yuan against foreign currencies. Goldman Sachs Chief Economist Jim O'Neill (no lightweight) -- says that something is brewing in China as they may be preparing the revalue the Yuan higher by as much as 5%. This would represent another leg of Chinese monetary tightening. China has been tightening its monetary policy by requiring banks to increase reserves. It has a history of raising reserves repeatedly when it goes into a tightening mode. A Yuan revaluation would represent a big move to cool off growth and stave off inflation, which has been increasing in China. Marketwatch reports that real-estate prices on the Chinese vacation island of Hainan have increased 30% in one week.  That's almost the definition of hyperinflation.