Last year the group faced a slowdown in external trade and rising costs that have checked gains for port operators in China and Hong Kong.

FORBES: Port In A Storm: An Interview With China Merchants Group

As a result, the country's external surpluses are rising.

ECONOMIST: The frugal giant

From a medium-term perspective, while slowing external demand and rising domestic production costs will continue to pose headwinds for Chinese exports, some encouraging developments lead to the ongoing optimism on China, even if it is more subdued.

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The Bank has resisted calls to raise interest rates - seen as the most effective policy tool in combating inflation - on the basis that temporary, external factors, such as rising oil and food costs, are driving price rises.

BBC: UK inflation rate rises to 4.5% in April

Although interest rates inched up at the most recent auction of government debt and most people expect the peso to fall, this is due as much to external factors (such as rising American interest rates) as to electoral uncertainties.

ECONOMIST: Mexico's elections

"With the yen seen weakening further, while the won is set to keep rising, Hyundai's ability to overcome worsening external factors will be put to the test this year, " said Lim Hyung-geun, a fund manager at GS Asset Management.

BBC: Hyundai Motors' profits slide as strong won hits earnings

Severe external pressures, such the eurozone debt crisis, weak US growth and rising oil prices, had led to a "dramatic change" in the international situation in the past six months, he acknowledged.

BBC: Clegg warns that economic situation is deteriorating