The SHIBOR moved up whilst the PBoC conducted reverse repo 1H13 EPS 14% above consensus Solid 1H13, but outlook clouded by tax change CRE 1H13 first take – result miss on beer and food Interim results below with net gearing at 100% Rewarded for leading the cycle Clouds have cleared but still no sun US: So Far Away, So Close (II) Sluggish ASP trend Latin America Daily Spotlight