This is a long article, but well worth it for anyone who wants to understand what's going on in the world's largest economy, and how it may affect the rest of the world. Essentially, an arbitrage has been set up to take advantage of the discrepancy in US and Chinese interest rates (borrow in dollars, lend in yuan, hedge the currency exposure) and various commodities collateralize the yuan loans. Sooner or later these types of arbitrages fall apart as they become more popular. The extra kicker in this blow up will be that many of the commodities pledged as collateral have either been pledged as collateral multiple times or have been rehypothecated. (I pledge my copper to you for your money, you then pledge that same copper to someone else as collateral for their money. If this sounds absurd, it is, but it goes on, and not just in commodities. It is, in fact, the way most credit markets work. Treasury debt, mortgage-backed securities, corporate debt, and so on are all rehypothecated in the repo market. That's how the failure of one "systematically important" institution (like Lehman Brothers) can bring down the entire global financial system, as multiple claimants desperately try to recover the same collateral.)
Keep in mind that the Chinese have created far more funny money liquidity since 2008 than either the US, Japan, or Europe. I would say that the odds of the next financial collapse starting in China are high. If you really want to get up to speed on it, this article, and the articles linked within it, are great places to start.