The most noteworthy number in the Mexican balance of payments data published this morning was the amount of foreign investment in money market instruments -- US$31.65 billion. It's an historic level, 36.9% more than in 2010, the previous high. Foreign investment in money market obligations was responsible for 3/5 of the year's capital account surplus; it was 63% greater than last year's direct foreign investment. This is money that moves with the click of an "enter" key.
Portfolio investment was in money market instruments, not in Mexican stocks. In 2011, foreigners reduced their equity holdings by US$6.25 billion. Foreign debt accrued at a much slower pace: net indebtedness increased US$13.59 billion in 2011, less than half of the increase in 2010.
Portfolio investment was in money market instruments, not in Mexican stocks. In 2011, foreigners reduced their equity holdings by US$6.25 billion. Foreign debt accrued at a much slower pace: net indebtedness increased US$13.59 billion in 2011, less than half of the increase in 2010.
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