We can't read too much into any one month's deficit, and there were a bunch of unusual factors this time. But this shows that the deficit is increasing instead of decreasing. It raises concern that we need to start seeing adjustment in the global trade imbalances soon.

But at this point, it's too soon to know whether China will wait or whether it will allow additional moves [in the yuan] -- and therefore, what the impact will be.

I worry that there's this perfect storm coming for emerging markets.