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The following article was published in our article directory on November 11, 2010.
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Asian Economies to Join Hands Sniper Hot Money

Article Category: Business

Author Name: xia zihui

Fast-growing Asian economies sniper battle of hot money is "getting better." Even the G20 global financial summit hosts South Korea, did not take it lightly, start brewing a strong capital controls and other measures to defeat the hot money.

South Korea to fight hot money down face

While also facing the problem of hot money inflows, but as the host of this G20 summit, the Korean capital inflows before the intervention has been done carefully. However, faced with continuing pressure to increase, Lee seems to have some of the government could not carry out.

South Korean ruling party lawmakers on Wednesday, a media, in order to curb the influx of cross-border capital and exchange rate volatility in South Korea in January next year earliest possible resumption of foreign capital levy tax of 14% bonds, a move is considered South Korea has taken in response to a step of hot money.

The members said the bill will be this weekend or next week to submit to the Congress, and probably passed, and then implemented from next January. He said South Korea had to take action now, or wait until the situation will deteriorate more effort. South Korea is currently investing overseas investors as bonds do not need to pay 14% as local tax, but the South Korean Finance Minister Yoon Jeung-hyun said last month, South Korea will seriously consider whether the right to cancel the tax exemption of foreign capital.

Recently, the influx of foreign capital continued to Korea. On Wednesday, South Korea's benchmark Kospi stock index rose 1.1%, at 1967.85 points, a new three-year high. The total market value of the stock market also hit a record high, reaching 1092000000000000 won. South Korean media that the continued influx of foreign investors, is to promote the Korean stock market for four consecutive days rewrite the record of the maximum power, only one day on Wednesday, foreign investors bought a net 425.8 billion won of South Korea stock.

Asian economies or joint action

Indeed, the Korean Ministry of Finance, Planning earlier this month issued the strongest warning for months that will actively consider including capital controls, including measures to curb capital inflows.

For the Fed to spend 600 billion U.S. dollars announced the implementation of the acquisition of the second round of bonds QE, South Korea said it would "actively considering" capital controls, as the Federal Reserve to buy treasury bonds to stimulate more money flows to emerging markets.

Traders noted that the Federal Reserve announced the acquisition of 3 600 billion U.S. dollars debt, the Bank of Korea has won the next day to approach selling to curb excessive currency appreciation. Was recently won against the U.S. dollar reached a new high for six months.

In addition to Korea, other Asian economies also have the hot money "war." Thailand announced last month that domestic bonds for foreign investors to receive 15% of the taxes, to limit capital inflows. China Taiwan announced this week to restore the island to foreign investors, investment securities regulation to limit foreign investors to buy the island the total amount of bonds may not exceed 30% remitted.

In other emerging markets, Brazil and South Africa, is also taking steps to offset the impact of hot money inflows. For example, in Brazil twice a month increase on foreign investment in fixed income securities tax rate.

There are indications that the risk of hot money are the most serious Asian economies likely to take joint action. Thai Finance Minister Vanni Chad last week to drop a second quantization for the Fed's decision, regional central banks may take joint action against the influx of hot money to bring the currency speculation. South Korean media on Wednesday quoted a familiar with the Asian Development Bank sources as saying that ADB has launched a study to measure the value of capital controls in ASEAN. Reported that the research could be completed early next year.

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