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Strategies & Market Trends : Paint The Table

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To: Jorj X Mckie who wrote (15391)	2/20/2002 2:50:34 PM
From: John Pitera	Read Replies (1) of 23786

Now we see why why Jorj had to go to Bejing... He had to straighten out their central bankers....... 10-year: +1/32..4.865%....GNMAs: -2/32....$-¥: 133.79....Euro-$: 0.8722 In a bid to boost consumption, China cut interest rates for the first time in two-and-a-half years. The problem however, is that China is still a nation of savers. In fact, the savings rate rose 12.6% year on year in January after a record 15% surge in 2001. Remember, Chinese consumption seems to be better correlated with exports. While China's exports have been fairly resilient, markedly outperforming their Asian peers, they have still suffered from the global economic slowdown. However, continued restructuring will foster the development of new export industries, a dynamic that will encourage savers to take advantage of the capital returns from equity investments. Not surprisingly, the benefits of this efficient allocation of resources should eventually filter through to consumption. and Bush is showing up there tomorrow too!

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