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through the banks. The current shortage of international capital was feeding through anyway into a more general lack of enthusiasm for overseas rather than domestic lending. Hong Kong (and China) would inevitably suffer.
Comment: Mr Hurst's views struck me as unexpectedly strong.
But he made it clear that he would not recommend PADS to his board. No doubt the same thinking will affect other big banks' attitude.
3.
H L1 Davies
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