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China gets $122b hot money influx in Q2

(chinadaily.com.cn)
Updated: 2009-07-29 15:36

Hot money in China may reach $122 billion in the second quarter under the Chinese statistical method, according to today’s China Securities Journal.

Statistics from the People’s Bank of China (PBOC) said China’s foreign exchange reserves increased by $177.9 billion in the second quarter.

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During the same period, the country’s trade surplus stood at $34.7 billion, and foreign direct investment (FDI) increased by $21.2 billion, said the paper.

These figures indicate that speculative capital, or hot money in China, could amount to $122 billion in the second quarter, which equals the foreign exchange reserves minus trade surplus and FDI.

Earlier this month, the PBOC said the country’s foreign exchange reserves rose 17.84 percent year-on-year to $2.132 trillion, more than twice that of Japan's $1.02 trillion - the world’s second-largest foreign currency holder.