China acts to clamp down on ‘hot' cash By Geoff Dyer in Beijing Thursday, July 03, 2008 China announced a major strengthening of its capital controls last night in a bid to limit the amount of speculative “hot money” entering the economy and frustrating its efforts to contain inflationary pressures. In an announcement on its website, the State Administration of Foreign Exchange (Safe), the country's foreign exchange regulator, said that exporters would be required to park revenues in special accounts while the authorities verified that the funds were the result of genuine trade. According to the new rules, exporters will now be required to provide documentary evidence that their invoices are based on genuine business transactions if they wish to change dollars into renminbi. The regulator said that the new computer system for checking trade invoices would be introduced nationally from August 4, while a trial period would begin on July 14. The statement did not give details about how long the new checking procedure would take. The decision comes after recent leaked figures showed that record inflows of capital entering the Chinese economy over the past two months and officials believe some of that money came in illegally after companies exaggerated their export revenues. The government already has in place strict capital controls. However, China has become an attractive country for investors and companies because Chinese interest rates are now above US levels and the currency is expected to steadily appreciate. According to Reuters, China's foreign exchange reserves increased by a record $114.8bn in April and May, taking the total reserves to $1,800bn. Although it is impossible to calculate how much of that inflow is short-term, speculative capital, the figures were substantially higher than the combined numbers for the trade surplus and foreign direct investment. The capital inflows have made economic management more difficult because, even though domestic inflation has been high in recent months, the Chinese central bank has been reluctant to raise interest rates for fear of attracting more hot money. I#K;]%P!]"C6p3R+X%\ By issuing bonds and lifting bank reserve requirements, the authorities have so far managed to prevent the inflows from causing money supply to grow too sharply, which would boost inflation. However, the bond issues are expensive and some economists believe that the reserve requirements cannot go much higher before smaller banks start to suffer. The authorities are also worried about the impact on the financial system if many investors ever decided to withdraw large amount of funds from the country at the same time. There has been a growing discussion among private sector economists about whether the authorities should introduce a large, one-off appreciation of the currency in order to limit speculation. However, most economists believe that the government would be very reluctant to take such a step as parts of the export sector are already suffering.

中国昨晚宣布大幅加强资本管制，以求限制投机性“热钱”进入中国经济，破坏中国政府控制通胀压力的努力。 中国外汇监管机构国家外汇管理局(Safe)在其网站上宣布，企业出口收汇应先进入特别的账户，待官方核实相关资金确为真实贸易所得。 根据新规则，从现在起，出口商若想将美元兑换为人民币，将需要提交书面证据，证明其商业发票系基于真实的商务交易。国家外汇管理局表示，用于出口收结汇联网核查的新电脑系统将于8月4日起在全国范围投入运行，7月14日起试运行。该机构网站上的声明未说明新的核查程序需要多久。 作出这一决定之前，近期透露的数据显示，过去两个月来流入中国经济的资金达到创纪录水平，官员们相信，其中一部分资金属于非法流入，其途径就是企业夸大自己的出口收汇 中国政府早已实施严格的资本管制。不过，由于目前中国利率水平高于美国，而人民币预期将稳步升值，中国对海外投资者和企业都颇有吸引力。据路透社数据，中国外汇储备在4、5月份创纪录地增加1148亿美元，使储备总额增至1.8万亿美元。尽管不可能计算出流入资金中有多少是短期投机资金，但这些数据远高于贸易盈余和外商直接投资两项之和 这些资金的流入，增加了中国经济管理的难度，尽管近几个月来中国国内通胀居高不下，但中国央行仍不愿提高利率，原因就是担心吸引更多热钱。 中国官方通过发行债券和提高银行准备金率，迄今得以防止资金流入引发货币供应增长过快，导致通胀加剧。不过，发行债券代价高昂，而某些经济学家相信，储备金率不会再大幅提高，否则一些较小的银行将陷入困境。中国官方还担心，一旦众多投资者同时决定从中国撤走大量资金，将对中国的金融体系形成冲击 在私营部门的经济学家圈子，越来越多的讨论围绕这样一个命题：中国官方应否出台人民币一次性大幅升值举措，以求遏制投机。不过，许多经济学家相信，在部分出口领域已经遭遇困难之际，政府将非常不愿采取这样的步骤。

在奥运期间大量外国游客来访的时候搞外汇管制，等于雨天晒被子。。。。出力不讨好

奥运是大事,但是经济是更大的事情,真搞成先恶性通胀再紧缩的话,那样大家的正常生活都要很大影响了,国家在努力,日本走过的路我们不能走啊:(

在民族前途，人民生活面前，奥运它算什么！:(

谁说要管制国外游客兑换人民币了？ 肯定限定每人换多少的。

只管热钱流入吗？ 如果已进来的热钱还可以随便出的话………

只有中國人把奧運當成天大的事情，會砸幾百萬人民幣培養一個跨欄選手........... 經濟和民生才重要。本末倒置。

哎，咱中国人好面子，不好说:(

:( 据说保证金回款要受到限制