If so, broad funds like FXI may hold up well. Beijing’s gauge of Chinese manufacturing activity slipped in line with the private survey in December, revealing that the country’s crucial industrial boom is decelerating. For another, while the Shanghai market is celebrating news that the input costs component of the official PMI moderated slightly, this wholesale inflation gauge remains significantly elevated at 66.7 — better than the 73.5 posted in November, but still an ominous reminder that Beijing’s best efforts have yet to translate into real improvement on the inflationary front.