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To: Jim McMannis who wrote (69297)	5/16/2001 7:47:02 PM
From: russwinter	Read Replies (1) \| Respond to of 116906

Effects will be major USD drop, translate inflation. Interest rates? Higher, caused by liquidated bonds, and depending on whether the Fed decides to defend the USD, higher short term rates as well. In a nutshell, a new international finance regime, a mess, with a lot of exposed players (derivatives, etc.). I think Japan benefits and I have a little equity (funds) exposure there.

To: Jim McMannis who wrote (69297)	5/16/2001 9:08:40 PM
From: Ahda	Read Replies (1) \| Respond to of 116906

special.scmp.com ECONOMY Increased confidence slows capital flight Morgan Stanley data reflects stability of mainland currency CHRISTINE CHAN Next Story -------------------------------------------------------------------------------- China saw a sharp reduction in capital flight in the past two years, helped by an improved domestic environment and robust confidence in the mainland economy, according to Morgan Stanley. Morgan Stanley economist Denise Yam Wing-yan believed that last year's capital flight reached US$5.9 billion - or 8.45 per cent of the country's total inflow of funds for the year. The level represents a huge drop from 1998's US$54.6 billion and US$32.2 billion in 1999 when capital flight "was significant". Ms Yam said the trend showed that more capital inflows were being kept within China's financial system, reflecting growing confidence among Chinese on the economy. "This is a positive message about the mainland economy and the stability of the Chinese currency," she said.