China had another RRR cut in the recent past. This boosts bond yields (usually) and boosts real economy activity with a lag. The issue is that China hasn’t been having an easy time getting monetary policy to transmit to the real economy. This is by no means a foolproof way to determine whether manufacturing will rebound, but Chinese stimulus has been a quality gauge over recent history.Are markets already anticipating this? Industrials $XLI are up 9.1% since August 27. $XLI, SPDR Select Sector Fund - Industrial / H1