The global recovery seems to be somewhat on track. But one factor threatens to force it off the rails.

And that factor is China.

China

Beijing has made it clear that keeping inflation under wraps is priority one. In fact, they’ve targeted no more than a 3 percent rise in consumer inflation for 2010.

In comments made this week, a Beijing official reiterated that China has enough "ideas and tool kits" to manage inflationary expectations.

Markets take that to mean, they won’t hesitate to stomp on the brakes as hard as necessary to clamp down on the economy.

But how will they do it?

China has a fixed exchange rate and a quasi-open market and those two things don't jive, explains Brian Kelly. Expect to hear more rhetoric about revaluing the yuan.

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Trader disclosure: On March 10th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Is Long Oil Futures; Terranova Owns (XLE); Terranova Is Short (XLY); Terranova Owns (GLD) March Puts; Terranova Owns (GOOG), (AAPL), (DELL), (EMC), (MSFT); Terranova Owns (CAL) April Puts; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (BAC) Call Spread; Najarian Owns (C) Calls; Najarian Owns (INTC) Calls; Najarian Owns (YHOO) Calls; Kelly Owns (AMZN) Calls; Cortes Is Short Treasuries; Cortes Is Long Oil; Karabell Owns (AAPL), (C), (CSCO), (JPM), (GOOG); Kinahan Owns (C); Kinahan Holds A Long Position In (WFC)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of  (EXR)
Virtus Investment Partners Owns More Than 1% Of  (GOK)
Virtus Investment Partners Owns More Than 1% Of  (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of  (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of  (XLB)
Virtus Investment Partners Owns More Than 1% Of  (XLV)
Virtus Investment Partners Owns More Than 1% Of  (XLI)

For Brian Kelly
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Yen
Kanundrum Capital Owns (C)
Kanundrum Capital Owns (JPM)
Kanundrum Capital Owns (SDS)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (GDXJ)
Kanundrum Capital Is Short British Pound
Kanundrum Capital Is Short Treasuries

For Jared Levy
Peak6 Investments Owns And Has An Options Position In (AAPL)
Peak6 Investments Owns And Has An Options Position In (BAC)
Peak6 Investments Owns And Has An Options Position In (BRK.B)
Peak6 Investments Owns And Has An Options Position In (C)
Peak6 Investments Owns And Has An Options Position In (COP)
Peak6 Investments Owns And Has An Options Position In (CSCO)
Peak6 Investments Is Short And Has An Options Position In (CVX)
Peak6 Investments Owns And Has An Options Position In (GLD)
Peak6 Investments Owns And Has An Options Position In (GS)
Peak6 Investments Is Short And Has An Options Position In (GOOG)
Peak6 Investments Owns And Has An Options Position In (INTC)
Peak6 Investments Is Short And Has An Options Position In (JPM)
Peak6 Investments Is Short And Has An Options Position In (MS)
Peak6 Investments Owns And Has An Options Position In (MSFT)
Peak6 Investments Owns And Has An Options Position In (STX)
Peak6 Investments Owns And Has An Options Position In (TXN)
Peak6 Investments Owns And Has An Options Position In (USO)
Peak6 Investments Is Short And Has An Options Position In (VALE)
Peak6 Investments Is Short And Has An Options Position In (WDC)
Peak6 Investments Owns And Has An Options Position In (WFC)
Peak6 Investments Is Short And Has An Options Position In (WMT)
Peak6 Investments Is Short And Has An Options Position In (XLF)
Peak6 Investments Is Short And Has An Options Position In (XOM)
Peak6 Investments Owns And Has An Options Position In (YHOO)
Peak6 Investments Is Short And Has An Options Position In (QQQQ)

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (C)

For Anthony Scaramucci
Scaramucci's Fund Has A Long Position In Gold

For Brad Hintz
Hintz Owns Morgan Stanley And Discover
Hintz Owns (CME)
Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of  Barclays PLC, Credit Suisse Group, (C), (GS), (JPM), (MS), (BAC)
Barclays PLC, (C), Credit Suisse Group, (GS), (JPM), (MS), (BAC) UBS AG Are Or In Past 12 Months Were Clients Of Bernstein (Non-Investment Banking-Securities Related Services), Bernstein Received Compensation
An Affiliate Of Bernstein Received Compensation From Barclays PLC, (C), Credit Suisse Group, (JPM), (GS), (MS), UBS AG (Non-Investment Banking-Securities-Related Services)
Bernstein Or Affiliate Received Investment Banking Compensation From (C) In Past 12 Months
Bernstein Or Affiliate Expects To Receive/Seek Investment Banking Compensation From Barclays PLC, (C), Credit Suisse Group, (GS), (JPM), (MS), (BAC) UBS AG In Next 3 Months

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