Plenum Notes

Q1 was the peak for yoy growth, but sequential growth will be faster in Q2.

We believe the chance of a full bail-out of Huarong AMC is very low.

Alibaba’s record fine is good news for the company.

Local governments have started to restrict steel production to control emissions.

USD/CNH has started to catch up with the broad strength of the USD and will continue to accelerate.

The relative cyclical changes in the US and China no longer favor the RMB.

China’s A-share market is looking more risky after reaching new-high.