Momentum has been consolidated at quite a high level with strength coming mainly from mainland Chinese demand. This should be sustained through the first quarter of next year.

There is some self-interest in Europe maintaining good relations with China.

Portfolio flows are very important for the Taiwan dollar. This support seems to have been removed and the Taiwan dollar is weakening.

Consumption is still rising at a much slower pace than investment and people are still saving too much. Retail sales have been growing strongly in the cities but the government is trying to put more money into the pockets of rural areas which is where there's more potential for growth.

The narrowing trade surplus reflects some weakness in electronics exports and rising commodity imports but it's unlikely to be enough to relieve pressure from the U.S. in the short term.

The bottom line is we have a very strong growth profile at the moment, with no real signs of any softening in investment,