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   日常英语口语900句 文本下载，新概念英语网英语新闻推荐阅读：Of late, there have been huge inflows of hot money into new, emerging economies, and particularly into Asia emerging economies, due to the global imbalance of economic recovery and the anticipated devaluation of the U.S. dollar. The IMF and the World Bank warn that the influx of hot money could cause currency rallies and asset bubbles. For this reason, Asian countries and regions should keep a close watch on possible risks set off by the inflows and outflows of hot money to the region.
Global capital flows was at a very low ebb during the recent world financial crisis. However, international capital has flooded into emerging economies since early this year. According to the International Finance Statistics (IFS), the IMF's principal statistical publication covering numerous topics of international and domestic finance, the emerging market equity funds saw an inflow of more than 47 billion dollars from January to early October this year; the emerging bond market funds reached an inflow of 57 billion dollars during the same period, as against an inflow of 41.9 billion dollars for the whole of 2007 and and an inflow of 46.2 billion dollars in 2009.
In the current round of surging capital inflows, Asian emerging economies are undoubtedly the most important destination. A total inflow of 11.5 billion dollars have flooded into the equity markets of India, Indonesia, the Republic of Korea (ROK), Philippines, China's Taiwan, Thailand and Vietnam in third quarter this year and equity prices in these areas has risen anywhere from eight percent to 23 percent. And the exchange rates of the ROK won, Philippine peso and Thai baht against the US dollar went up more than five percent, the Malaysian ringgit appreciated by over four percent, and the currencies of India, Indonesia and a few other countries also showed a trend for appreciation.
Overall, Asia has become a major destination of hot money inflows, and this is owed chiefly to three main factors. First, the global economic recovery is imbalanced. To date, the economic performance of the United States, Europe, Japan and other developed nations is frail or unhealthy, and the levels of interest rates in these nations have keep at the historic lows for a long time. And Asian emerging economies, nevertheless, is alive with a strong domestic demand, a fiscal stability and higher real return rates, and so they are attracting influxes of hot money.
Second, the devaluation of the US dollar is anticipated. As the Federal Reserve is to restart large-scale assets purchase plan, the continued depreciation of the dollar is widely expected.
Third, there is a regulatory arbitrage factor. The U.S. and EU unveiled their respective framework for financial regulatory reforms in July and October, which called for an enhanced management of hedge funds and derivatives trading. Asia has become an ideal arbitrage place for huge international hedge funds and pension funds as its financial regulatory standards may be relatively eased. So, the inflows of hedge funds to Asia from the U.S. and Britain have hastened.
Although capital inflows to Asia can spur investment and economic growth, the resulting equity prices and currency appreciation, however, can lead to asset bubbles and inflation, posing stark challenges for the monetary policy management of the relevant countries and the balance of payments and financial stability.
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