Europe has nothing on China. While Germany and France hammer out the details on their plan to recapitalize the banks, China has already started the process. It is so much easier for totalitarian regimes to get things done. While we slept, the Chinese government bought stock in 4 Chinese banks that required additional capital. My guess is there is a lot more of this to come with the only question being can the government backstop a pop in the bubble?
Here is a very good story from Reuters about the issues China is facing: