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China be regarded as one risk (thus lowering the overall
exposure limit). However, their guns are spiked for the present given HMG's determination to support exports and the
Chancellor's announcement in the budget of increases in the
level of ECGD cover for important markets, including China and
Hong Kong.
8.
Although the report did not examine Hong Kong economic
fundamentals as fully as had been originally intended, it is comforting that HKG is confident that no major weaknesses exist.
It is also of some comfort that the Chinese have so far shown no
inclination to disrupt either the linked exchange rate or Hong Kong's monetary markets, and that the Confidential Financial Dialogue continues to operate relatively unaffected by wider
difficulties.
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