China "mass liquidation"

Stocks and commodities prices fell sharply Friday as investors confirmed that China will slow down its surging economy.
The Dow Jones industrial average dropped nearly 120 points in early afternoon trading, led by sharp losses in energy and materials stocks.
Concerns that China will raise interest rates in order to fight inflation brought worries that demand from China could wane for a wide variety commodities including crude oil, metals and grains.
Talk of the interest-rate hike in China has led to "mass liquidation" in the commodities market. Losses among commodities accelerated throughout the day. Benchmark crude is down more than 3 percent. Silver prices fell more than 5 percent and soybeans are down nearly 5 percent.
China will formally announce next week the raise in interest rates.