China witnessed a "hot money" inflow of $35.5 billion in 2010, accounting for a relatively small part of the increase in foreign exchange reserves, the State Administration of Foreign Exchange (SAFE) said in a report published on Thursday. This is the first time that China announced an official estimation of "hot money" - short-term speculative capital - to the public. The figure accounted for 7.6 percent of the increase in foreign exchange reserves from 2009, SAFE said. Wang Tao, head of China economic research at UBS Securities, told China Daily that the official figure of $35.5 billion is very close to their estimates. "That's a very small amount (compared to China's huge economy) and proved what we have been saying, that speculative cross-border inflows have a very limited impact on the economy," she said.
CHINA.ORG
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