March's Chinese PMI (Purchasers Manufacturing Index) reading came in at 51.6; missing expectations despite hitting an 11-month high and having accelerated sequentially versus February's print of 50.4. On the margin, however, this is a positive improvement for China after last week's banking and credit regulation debacle. We don't have a position in China currently, but will keep a close eye on the TREND line of 2207 on the Shanghai Composite Index. If it holds, we may be inclined to hop back into the market.
