June 19th, 2008

KRW: 1020 - 1035 range; President Lee said intends to maintain price stability



South Africa
c/a deficit at 9% of GDP and widest in 26 years; increased from 7.5% in Q4
net outflow of portfolio investment in Q1, first time since Q1 2005; out flow of US$2.4bn
- portfolio investment outflow offset by FDI from China into buying 20% of Standard Bank
- gap rose to 194.6bn ZAR from 157.7bn ZAR

Thailand
Oil price bounce and Asian equity selloff with Thai bourse falling 14% since May triggered reversal of funds
Central bank just trying to temper weakness