China
2012: Stable Growth amid Disinflation 4
Liquidity Injection via a RRR Cut to Avoid Financial Condition Overtightening 14
The Straight Fall of MS China Leading Indicator Heralds a
Below-trend Growth Ahead 16
Business Conditions Deteriorate into Contraction 19
Disinflation on Track, Resilient Fundamentals Unscathed 28
Chinese Enterprises Survey: Fundamentals Remain Solid 33
Hong Kong
HK$ Monetary Conditions and CNH Monitor 59
2012: Factoring in a Weaker Global Outlook 67
Avoiding a Double Dip? 69
Taiwan
2012 Outlook: Weaker Exports, But Consumption Likely to Be Resilient 72
Record Outflow of Foreign Equity Investment in 3Q 77


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