China and Declinging Commodity Prices

The following graph is from the Financial Times:

China's export led manufacturing drive has been a boon to natural resourc companies and countries that are natural resource exporters (Australia, Canada and South America).  With China slowing, all of the countries will see a slowdown.  Consider the commodity ETFs from this mornings report on deflation; with the exception of oil, all are moving lower.

And it appears the slowdown is becoming a trend.  Consider this from the latest HSBC manufacturing report: