Hot money inflows hit US$80b

Hot money flows into China hit US$80 billion in this first quarter of this year, the South China Morning Post reported, citing statements by the deputy chief of the State Information Center’s economic forecasting department. "The massive amount of money is not hype, but a scientific conclusion," the paper reported Zhu Baoliang as saying. The US$80 billion figure, which was three times greater than the previous quarter, could "play havoc" with China’s property and capital markets, Zhu said. Zhu encouraged the government to accelerate currency appreciation, and suggested it maintain its tough stance on monetary policy.