Winding things back to the financial crisis, interest rate cuts weren't much of a cause forcelebration. That said, interest rate cuts by any country during the financial crisis didn'tnecessarily draw positive reactions from investors, and instead had an air of panic about them.

让时光倒流至金融危机期间，当时，降息并未引来投资者的欢呼。不过，在金融危机期间，任何国家的降息举措都不一定会引起投资者的积极反应，相反会营造一种恐慌的氛围。

Accordingly, the average reaction to all cuts since 2000 has been a 0.25 per cent drop. Up untiltoday, the Shanghai Composite has risen in six occasions following a rate cut, and fallen in six.

相应的，2000年以来所有降息举措后的行情平均而言是下跌0.25%。直到今天，上证综指在降息举措后六次上涨、六次下跌。

Granted, often the share market can run ahead of the news. One reason Chinese shares haverallied this year is on expectations of monetary easing and fiscal stimulus. As thoseannouncements become official, there can be a bit of the old "buy the rumour, sell the fact".

当然，股市行情往往领先于消息。今年中国股市上涨的原因之一，是对货币宽松和财政刺激举措的预期。当种种说法被官方确认时，情况就有点像那句老话：“传言出现时买进，传言证实后卖出。

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