Nah...
It has long been in everyone's mind that China has to eventually unwind its currency from being pegged to T-bills.
It serves China's interest (as well as everyone else's) to do this extremely slowly (decades). Bumpiness will always be a factor though, and apparently someone, somewhere, knows something the rest of us don't.
When the Yen and Yuan correct by going up against the dollar, even slightly, it results in reduced quarterly earnings for most Western companies who have contracts spelled out in foreign currency but have to file their reports in dollars. Most solid businesses don't mind too much though, because it usually means increased earnings in a year.
Wall Street is a pricing machine for "right-at-this-moment" though, so they will recede whenever a round of Q-reports is set to be reduced. My suspicion is that even if there is relatively brutal correction this weekend that it won't result in anything other than a short term halabaloo about nothing. 2014 is set to be a great year economically, even Krugman thinks so. However, these things do have a history of getting ugly quick for no-good-reasons; if a big enough heavy-weight starts to panic it could get bad.
This is why Reserve Banks do these things on the weekend.
