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Bailey McCann, Opalesque New York:

Global investors have shifted their attention from Greece to China amid continued concern of a Chinese recession, according to the BofA Merrill Lynch Fund Manager Survey for August. Respondents are scaling back their expectations for economic growth.

A Chinese recession is now rated the number one "tail risk" by 52 percent of panel.

Those fears may be forgiven based on the latest data emerging from the country. Shares continued to drop Wednesday, with a drop just shy of 10% at the time of this writing. Participants and observers are waiting to see if Beijing will step in to provide stimulus.

Chinese Yuan has also resumed its slide after a brief stabilization. Strategists at ING have said that the continued drop in equities is reinforcing the slide in the yuan.

"Investors are sending a clear message that they are positioned for lower growth in China and emerging markets," said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research, said in a statement.

In the midst of all of this is a shift back to Europe. More respondents in the survey say that they are going to overweight Europe as compared to Global Emerging Markets, which is underweight. The survey also notes a rising con......................

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