It's out! The annual figures don't look bad, but !ojo! with the fourth quarter numbers. What you see in the fourth -- which is a better guide to the present -- but not in the annual figures are two especially significant changes:
1) Massive outflows of portfolio investment in the fourth quarter. Foreigners fled both equities and money markets.
2) Substantial repatriation of assets held abroad in the fourth quarter, a sharp contrast to the first three quarters when assets held abroad continued to climb.
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