performance will be able to continue

March CPI year-on-year growth of 5.4%, beyond regulatory layer, regulators expected inflation concerns mood rise again. Zhou xiaochuan said, eliminate inflation the monetary base is an important aspect of over inflation. March down 0.20 percent, only CPI annulus to historical averages, so small 0.65% showed inflation pressure dropped range is very large still. At the same time, record new historical highs 7.30% PPI, rising to the CPI PPI will give back increase many resistance.



On the other hand, year-on-year growth 9.7% GDP, Tory Burch Sandals,dismissed the government concerns over growth, making the government can will more policy focus on inflation.



5, raise deposit reserve rate won't change bank stocks rose pattern



The raise deposit reserve ratio on the market won't cause too big psychological impact.tory burch online March CPI reached a high of 5.4%, despite the market is still expected range. Such as raise deposit reserve rate such tightening policy measures have liquidity in the market expected, can say the existing share price changes reflect these policies have influence.



Bank shares this round of valuations repair prices is by 2010 performance originates from the high-growth, given the raise deposit reserve rate of bank shares static and dynamic performance under the condition of less affected more likely further push the high bank spreads,Christian Louboutin Boots Sale, we think this is a policy measures to bank shares will not produce substantial influence repair market valuation. The 2011 bank shares of 30% growth performance will be able to continue to promote sustained, we maintain our stock walk good bank shares valuations of 10 times p/e ratio is changeless, conservative estimates repair goals have 20% rise space. Continue to recommend benefit tightening monetary policy and spreads fast growing varieties, including minsheng bank (600016), China merchants bank (600036), societe generale (601166), ningbo bank (002142).