China has prolly bottomed

China's PMI rebounded in March.  Leading indicators (house prices, stock market, currency, confidence) have bottomed over the last couple of months.  So this is prolly the low point.  However, don't expect a boom.  The Chinese authorities are getting better at re-stimulating the economy without causing overshoot.  They know there is too much debt.  They don't want to make it worse.  So expect continued attempts to stabilise growth at around 5 or 6 per cent.