According to today's FT ( http://ftalphaville.ft... ) Hendry is shorting China's economy indirectly by buying credit default swaps on the debt of Japanese industrials such as Nippon Steel that are doing significant business in China. A few interesting comments at the link, including this one,

"I find HH entertaining and likable, and it makes me want to stuff money in his Absolute Macro fund, but then common sense takes the better of me and I don't bother. "

And this one,

"Hendry talks a good game but he plays a chicken ass hand. His risk is cheap for a reason, it aint much of a risk."

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