9 October 2008 7 pages
China Equity Strategy
China Joint Global Interest Rate Cuts – ST Bottom Forming
 What's new? — China together with several major countries came out with
interest rate cuts last night. Effective today, both base one-year lending and
deposit rates are cut by 27bp. Also starting from Oct 15th, RRR will be cut by
50bp, Meanwhile, the 5% interest income tax is abolished.