Economy
皇冠体育app uncovers $7.35b of hot money inflows
(Xinhua)
Updated: 2010-07-05 13:26
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BEIJING - An investigation into this year's speculative "hot money" inflows uncovered 190 cases involving $7.35 billion of funds, a senior official of the State Administration of Foreign Exchange (SAFE) said.
In an undated interview with the People's Daily posted on the newspaper's website Monday, Deng Xianhong, deputy director of the SAFE, said the foreign exchange regulator did not find evidence of large amounts of hot money flowing into 皇冠体育app.
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The latest figure was unchanged from the May 25 figure.
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.
Disguised as funds for trade and investment, an unknown amount of hot money enters 皇冠体育app every year. The capital is betting on an appreciation of the yuan, 皇冠体育app's currency, and a hike in asset prices.
Capital flows into and out of 皇冠体育app for purposes other than payment for imports and exports are strictly controlled by the SAFE.
The SAFE manages 皇冠体育app's $2.45 trillion in foreign exchange reserves.