China's economy is both hard to understand and critical in determining the oil price.
As a result, I thought to initiate a China Tracker, which looks at some indicators of China economic performance.
Bottom line: China suffered some sort of adverse economic event starting in Q3 2014. The evidence suggests this was mostly the side-effects of an over-valued yuan. However, China's private debt-to-GDP ratio is at a level often associated with financial crises in other countries.
The basic prescription for China would be a simple devaluation to bring the yuan back into line with similar currencies.