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Chinanews, Macao, May 24 – More and more hot money is flowing into China in order to make gains during the Renminbi appreciation1 process. The hot money might affect Chinese economy in the short run and China should pay attention to the situation.
The statement was made by Chen Dongqi, deputy director of the State Development and Reform Commission Macroeconomic Research Institute when he attended the 2007 China Foreign Trade Council's Annual Forum2 held in Macao. The volume of hot money that flowed to China in hopes of making gains during the Renminbi appreciation process has kept increasing recently. In 2005, about 78.71 billion US dollars of hot money flowed into China. By 2006, the hot money had already accounted for 3.6% of China's GDP. From January to March, this year, the total amount of hot money reached 30 billion US dollars. It is often said that hot money is often created when there is a difference between the rising foreign exchange reserves and trade surplus and foreign direct investment (FDI). Information from the State Administration of Foreign Exchange shows that during the first quarter of this year, China's foreign exchange reserves increased by 135.7 billion US dollars. Among this, only 62.3 billion US dollars were related with trade or FDI. The rest of the money flowed into China in the so-called “other categories”. It is estimated that there are at least over 100 billion US dollars of hot money in the world. The hot money flows among different countries, trying to make gains based on the different exchange rates issued by the governments of various countries. Judging from the recent situation in Chinese stock market, it can be seen that much hot money has also flowed into the Chinese market, the expert said. 点击  收听单词发音
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