China grappled with capital flight last October. Uncertainty in the run-up to the country’s leadership transition prompted the wealthy to chase safer destinations in which to park their money. Now the opposite is happening. Strong inflows have led to a 1.6 per cent appreciation in the renminbi against the dollar so far this year. But inflows of hot funds pose a risk, especially for China’s shadow banking sector.
去年10月中國曾面對資本外流。中國領導人換屆之前的不確定形勢，促使富人們為自己的財富尋找更安全的落腳地。現在情況正相反，強勁的資本流入已推動今年迄今人民幣兌美元升值1.6%。但熱錢涌入構成風險，尤其是對中國的影子銀行體系而言。
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