SAFE sees no big inflow of hot funds
Source: Xinhua |
July 6, 2010, Tuesday
|
Print Edition
Print Edition
AN investigation into this year's speculative "hot money" inflows uncovered 190 cases involving US$7.35 billion, a senior official of the State Administration of Foreign Exchange said.
In an undated interview with The People's Daily posted on the newspaper's website yesterday, Deng Xianhong, deputy director of SAFE, said the foreign exchange regulator did not find evidence of large amounts of hot money flowing into China.
Most of the speculative and arbitrage capital from overseas wound up in the equity and property markets, Deng told the newspaper without giving further details.
SAFE began the investigation in February.
Disguised as funds for trade and investment, an unknown amount of hot money enters China every year. Speculators are betting on a yuan's rise and a climb in asset prices.
Capital flows into and out of China for purposes other than payment for imports and exports are strictly controlled by SAFE which manages China's US$2.45 trillion in foreign exchange reserves.
In an undated interview with The People's Daily posted on the newspaper's website yesterday, Deng Xianhong, deputy director of SAFE, said the foreign exchange regulator did not find evidence of large amounts of hot money flowing into China.
Most of the speculative and arbitrage capital from overseas wound up in the equity and property markets, Deng told the newspaper without giving further details.
SAFE began the investigation in February.
Disguised as funds for trade and investment, an unknown amount of hot money enters China every year. Speculators are betting on a yuan's rise and a climb in asset prices.
Capital flows into and out of China for purposes other than payment for imports and exports are strictly controlled by SAFE which manages China's US$2.45 trillion in foreign exchange reserves.
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