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"Emerging-market equities tumbled on concern a Chinese slowdown will worsen the decline in global growth, pushing equity valuations to the cheapest level in three years compared with developed-market shares."
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http://www.bloomberg.com/news/2012-03-20/emerging-stocks-drop-for-fourth-day-as-china-raises-fuel-prices.html
"Emerging-market equities tumbled on concern a Chinese slowdown will worsen the decline in global growth, pushing equity valuations to the cheapest level in three years compared with developed-market shares."
http://www.bloomberg.com/news/print/2012-02-02/china-economy-heading-for-hard-landing-as-exports-decline-shilling-says.html
For now VWO is good trading vehicle.