CONFIDENTIAL
10. Attachment D shows the increase in short term capital outflow
Some recent OECD coming through the enigmatic "Other" item. liabilities data show an increase in non-bank trade credit used by the Chinese during 1984 of about US$1.3 bn. This "Other" item may then reflect the credit cost of the import surge beginning in late 1984.
11. The increase in placement of long term funds overseas largely reflects the increase in purchases of foreign stocks and bonds (see D). It is unfortunately not clear who the purchasers of these investments were.
12. I hope that these somewhat sketchy comments are of some value.
Yows ever
Nick Hallett
Nick Hallett Economic Advisers
copied to: J Ashton Esq, FED
C Leeks Esq, HKD
R Wye Esq, Peking
A Wood, DPAS Office, Hong Kong
CONFIDENTIAL
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