My fascination for the Australian dollar as a proxy for China is insatiable, but here's another attempt at alleviating this. Here is the Aussie dollar, the Hang Seng, the Shanghai Composite, and the coal future spot market in Hong Kong. Correlation coefficients are below. I would love to run a vector autoregression to see if this is a statistically significant relationship, but until I find the time I'm only left with this.