China is sandboxed. It's not fully integrated with the rest of the world liqudity pool. Sure there's some capital flow, but it does not flow freely in and out. Has its own banks. Primary Dealers for the Fed, BoJ, and ECB are not big players. The can't take PBoC money and directly use it to buy Treasuries. And I do not believe for one minute that its central bank data is reliable. So I'm not going to add it to the Big Three composite that I chart.
So I use the Shanghai Dow as a proxy for whatever is going on in China. I also track Fed custodial holdings which include China. I do consider China as an important peripheral influence.