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To: Kelvin C.P. Wang who wrote (24263)	10/23/1997 5:36:00 PM
From: John Rieman	Respond to of 50808

The Chinese Government is on top of this...................... scmp.com ThursdayÿÿOctober 23ÿÿ1997 Surprise cut in interest rates WANG XIANGWEI China yesterday surprised the market by unveiling interest rate cuts both sharper and sooner than most analysts had expected. The cuts, effective today, are aimed at bolstering the mainland economy and bailing out the debt-ridden state sector. They also appear timed to boost plunging stock markets in Hong Kong and on the mainland, coinciding with today's debut of China Telecom Hong Kong, the biggest float ever launched in Asia outside Japan, raising US$3 billion (HK$23.2 billion). The People's Bank of China announced it would shave an average 1.1 percentage points off deposit rates and an average of 1.5 percentage points off lending rates. Economists said the cuts, the third round in 17 months, were good news for the mainland stock and bond markets, as well as for the Chinese companies listed in Hong Kong.