高盛 GS：China-Daily-Insights

－中国每日深度报告

-2007.01.08　　　　９页　　英文

China: Portfolio Strategy: RRR hike: A preemptive move
China Views: The People’s Bank of China raised the reserve requirement ratio by 50 basis points again
China: Banks: Reserve ratio hike has limited negative impact on China banks

In addition, as our economists think the reserve requirement hike will likely push up market interest rates and the yield curve modestly in the domestic market, we believe tighter liquidity conditions may have a more noticeable impact on the A-share market, than the offshore market, as higher price multiples in the onshore market are more sensitive to a change in cost of equity (or liquidity conditions).

Shanghai Pudong Development Bank (600000.SS): 2006 income tax rate higher than expected; operating results in-line