Intraday high 8.2772.
China craves foreign capital as local private sector still underdeveloped.
Notes market expects a 50bp Fed rate cut and yields likely to rise if Fed goes just 25 bps. With 1Q growth numbers due soon, Asian governments set to reduce own expectations of 2001 economic performance. As global economy slows, Taiwan finding downturn cuts both ways regarding thorny issue of business ties with China. However, 2H easing expected as demand for China exports begins to wane. With trading subdued, HSI unlikely to test 13000 psychological support today.