diff --git a/mm/memory_hotplug.c b/mm/memory_hotplug.c
index 70620d0dd923..974a565797d8 100644
--- a/mm/memory_hotplug.c
+++ b/mm/memory_hotplug.c
@@ -961,7 +961,6 @@ int __ref online_pages(unsigned long pfn, unsigned long nr_pages, struct zone *z
 	node_states_set_node(nid, &arg);
 	if (need_zonelists_rebuild)
 		build_all_zonelists(NULL);
-	zone_pcp_update(zone);
 
 	/* Basic onlining is complete, allow allocation of onlined pages. */
 	undo_isolate_page_range(pfn, pfn + nr_pages, MIGRATE_MOVABLE);
@@ -974,6 +973,7 @@ int __ref online_pages(unsigned long pfn, unsigned long nr_pages, struct zone *z
 	 */
 	shuffle_zone(zone);
 
+	/* reinitialise watermarks and update pcp limits */
 	init_per_zone_wmark_min();
 
 	kswapd_run(nid);
@@ -1829,13 +1829,13 @@ int __ref offline_pages(unsigned long start_pfn, unsigned long nr_pages)
 	adjust_managed_page_count(pfn_to_page(start_pfn), -nr_pages);
 	adjust_present_page_count(zone, -nr_pages);
 
+	/* reinitialise watermarks and update pcp limits */
 	init_per_zone_wmark_min();
 
 	if (!populated_zone(zone)) {
 		zone_pcp_reset(zone);
 		build_all_zonelists(NULL);
-	} else
-		zone_pcp_update(zone);
+	}
 
 	node_states_clear_node(node, &arg);
 	if (arg.status_change_nid >= 0) {
diff --git a/mm/page_alloc.c b/mm/page_alloc.c
index 5abf2c1d4c58..19ec81d403a0 100644
--- a/mm/page_alloc.c
+++ b/mm/page_alloc.c
@@ -2174,14 +2174,6 @@ void __init page_alloc_init_late(void)
 	/* Block until all are initialised */
 	wait_for_completion(&pgdat_init_all_done_comp);
 
-	/*
-	 * The number of managed pages has changed due to the initialisation
-	 * so the pcpu batch and high limits needs to be updated or the limits
-	 * will be artificially small.
-	 */
-	for_each_populated_zone(zone)
-		zone_pcp_update(zone);
-
 	/*
 	 * We initialized the rest of the deferred pages.  Permanently disable
 	 * on-demand struct page initialization.
@@ -6633,13 +6625,12 @@ static int zone_batchsize(struct zone *zone)
 	int batch;
 
 	/*
-	 * The per-cpu-pages pools are set to around 1000th of the
-	 * size of the zone.
+	 * The number of pages to batch allocate is either ~0.1%
+	 * of the zone or 1MB, whichever is smaller. The batch
+	 * size is striking a balance between allocation latency
+	 * and zone lock contention.
 	 */
-	batch = zone_managed_pages(zone) / 1024;
-	/* But no more than a meg. */
-	if (batch * PAGE_SIZE > 1024 * 1024)
-		batch = (1024 * 1024) / PAGE_SIZE;
+	batch = min(zone_managed_pages(zone) >> 10, (1024 * 1024) / PAGE_SIZE);
 	batch /= 4;		/* We effectively *= 4 below */
 	if (batch < 1)
 		batch = 1;
@@ -6676,6 +6667,34 @@ static int zone_batchsize(struct zone *zone)
 #endif
 }
 
+static int zone_highsize(struct zone *zone, int batch)
+{
+#ifdef CONFIG_MMU
+	int high;
+	int nr_local_cpus;
+
+	/*
+	 * The high value of the pcp is based on the zone low watermark
+	 * so that if they are full then background reclaim will not be
+	 * started prematurely. The value is split across all online CPUs
+	 * local to the zone. Note that early in boot that CPUs may not be
+	 * online yet.
+	 */
+	nr_local_cpus = max(1U, cpumask_weight(cpumask_of_node(zone_to_nid(zone))));
+	high = low_wmark_pages(zone) / nr_local_cpus;
+
+	/*
+	 * Ensure high is at least batch*4. The multiple is based on the
+	 * historical relationship between high and batch.
+	 */
+	high = max(high, batch << 2);
+
+	return high;
+#else
+	return 0;
+#endif
+}
+
 /*
  * pcp->high and pcp->batch values are related and generally batch is lower
  * than high. They are also related to pcp->count such that count is lower
@@ -6737,11 +6756,10 @@ static void __zone_set_pageset_high_and_batch(struct zone *zone, unsigned long h
  */
 static void zone_set_pageset_high_and_batch(struct zone *zone)
 {
-	unsigned long new_high, new_batch;
+	int new_high, new_batch;
 
-	new_batch = zone_batchsize(zone);
-	new_high = 6 * new_batch;
-	new_batch = max(1UL, 1 * new_batch);
+	new_batch = max(1, zone_batchsize(zone));
+	new_high = zone_highsize(zone, new_batch);
 
 	if (zone->pageset_high == new_high &&
 	    zone->pageset_batch == new_batch)
@@ -8222,11 +8240,19 @@ static void __setup_per_zone_wmarks(void)
  */
 void setup_per_zone_wmarks(void)
 {
+	struct zone *zone;
 	static DEFINE_SPINLOCK(lock);
 
 	spin_lock(&lock);
 	__setup_per_zone_wmarks();
 	spin_unlock(&lock);
+
+	/*
+	 * The watermark size have changed so update the pcpu batch
+	 * and high limits or the limits may be inappropriate.
+	 */
+	for_each_zone(zone)
+		zone_pcp_update(zone);
 }
 
 /*