eq2 platinum first of all - EWY

February 18, people's Bank of China decided, as of February 24, 2012, lowered reserve 0.5%. We believe that the Central Bank's actions are designed to relax the Bank under the loan to deposit ratio of loans tied to alleviate the lack of liquidity of banks, and hedging against possible foreign exchange brought about by reducing the money supply is inadequate. Monetary policy as a wholeSteering is not reality, not entering the downward cycle. Stock market bottom has reaffirmed the policy, if the next larger foreign exchange and bank liquidity again changes, central banks might be adjusted again. The Central Bank reduced market expectations, expected release around 400 billion of liquidity, and central banks in the 17th to bid the number of reverse repo operations, according to estimatesBe released more than 100 billion of liquidity. CPI recently released while the short-term rally, but medium-term is still manageable, increased Central Bank leeway this time operation. Central Bank last November 30 drop, mainly designed to hedge against foreign exchange brought about by reducing the money supply is not enough overall monetary policy is not turning, and stock market even afterThere have been falling. The purpose of reduction of the Central Bank, reduced bank loans under the loan than on the one hand, and large numbers of deposits are extracted during the lunar new year in January, did not return to the Bank if the funds in the short term on the book, under the pressure of the loan to deposit ratio of the current 75%, banks can only reduce the loan, the previously announce January new Yuan loans per cent lowerThe clues can be found more than 200 billion. On the mitigation of insufficient bank liquidity situation, data from our monitoring of capital flows, one of the four lines of the pre-Bank actually had net inflows of capital, which is rare in the past, first of all, the lack of liquidity of banks will lend money from the market, fuelling tension in the market, reduce enterprise's financing, Cost of raising finance. Finally, hedging could lead to currency exchange to reduce the shortage of, medium-and long-term, foreign exchange accounted for in the case of external economic weakness to be increased substantially, declining trend of foreign exchange. We judge the future changes in monetary policy in the short term, to be placed throughout the year "stable monetary policy," the tone, thisOperations of the Central Bank remains stable under the premise of "adjusting fine". So we think that, the Central Bank will look after the operation effect, wait approximately February economic statistics-introduced in early March, in particular, Exchange data, bank liquidity and inflation data, prior to that will not move, only by way of open market operations to make "fine-tuning". Once the ExchangeAgain there again major decline in banks ' liquidity under tension, and no substantial deterioration of inflation, central banks may still be reduced once again in the second quarter. The operation the secret world gold, once again confirmed the policy at the bottom of the stock market, but the market is still possible as the country's economic "soft landing" part appears again fell, but hardly dropped below pre-bottom. Rose cannotOptimistic, in the context of overall monetary policy does not turn, rose will not be too great. Commodities, continues to observe next week's European debt problems solved, if Greece debt clearance smoothly, coupled with a modest recovery in demand in China, fuelled by rising commodity shocks up. (Galaxy futures macro-analysis divisions Liu Jin) online statement Gold: Gold on the online reprintThe content diablo 3 gold, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.