Quiet on the macro front around the 60th anniversary.Last week onshore Shanghai composite almost unchanged around the psychology level of 3000 hile offshore H-shares were up 2.8%. The CPC hold its annual meeting, but the focus was anti-graft instead of the economy. As expected, current economic policy stance will be continued. National focus in the next couple of weeks will be cerebrating 60th anniversary of the PRC. Even after that (and before end-2009), we think China will be relatively quiet on the macro front but will be busier on the micro front as China's NASDAQ-style Growth Enterprise Market (GCM) board will be launched soon.

Details： China Macro：Notes on CPC，RMB，PBoC report，banks，UST…