In view of the persistence of deflation, we expect one 27bps interest rate cut in 2Q09 and further RRR cuts if warranted by liquidity need.

• 考虑到通货紧缩的持续性，我们预计09年二季度利率会降低27个基本点，如果有流动性需求做保证，相对风险比率差（RRR）也会进一步降低。