While tapering in the US has had only good consequences (so far); in China it has crushed money markets. Of course, some might argue this is merely a coincidence, but since both the US and China appears to have launched their tapering together, the question is what will break to force China to pull back, since for the Fed it is all roses.
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(while there is no 'direct' line of causation between a taper in the Fed's policy and short-term liquidity access in China, there does appear to be a rather strong 'indirect' correlation - as perhaps the phrase "all stimulus is fungible" comes to mind...)
Perhaps of note is that as liquidity dries up in the Chinese money markets, the US Treasury curve term structure has collapsed...
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Chart: Bloomberg