Trading up - Peking University’s Michael Pettis will be guest blogging here for a few days

There is an awful lot of interest going on in the world -- whether today's rise in long-term treasury yields, the dollar's new lows v the euro and Canadian dollar, the rise in Chinese money market rates or the Saudis' seemingly inconsistent desire to maintain their dollar peg without importing US monetary policy.  

But I can still take a hint.  I intend to take the next few days -- indeed, almost all of next week -- off.  

Internet addicts don't need to worry.  Michael Pettis, a professor of Finance at Peking University's Guanghua School of Management, has generously agreed to fill in for a few days.   

Needless to say, I am thrilled.  Mr. Pettis is true emerging markets guru.   His book – the Volatility Machine – shaped my own thinking about emerging economies more than any other single book.   

In the past few years, he has turned his attention from the emerging world in general to China in particular -- and even more recently, he started his own blog: China Financial Markets.

I hope he will share his insights about China's spectacular recent growth, the perhaps equally spectacular risks that may be lurking under the surface of China's financial system and, if he so desires, developments in global markets.