China ‘s PMI came in at 55.2 from 54.7 in October, better than expected.  The reports also showed input prices surging, however, reinforcing expectations that interest rate hikes are imminent.   The Shanghai Composite is right at its 200-day moving average of 2,800. Given that inflation is now the primary policy concern, we doubt the 200-day holds given the tightening cycle has only just begun.