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Hot money worth $350b may flee China: Morgan Stanley

(Xinhua)
Updated: 2005-07-08 12:28

As investors lower their expectation on renminbi's appreciation, the hot money betting on yuan's appreciation may flow out of Asia, with about 350 billion US dollars of fund to leave China, the Beijing News quoted Andi Xie, managing director of the Morgan Stanley company as saying on Thursday.

According to Xie's estimation, about 700 billion US dollars of hot money has been accumulated in Asia, half of which is staying in China, the Beijing News, a local newspaper reported.

The hot money in Asia now is about three times of that having flowed out of Asia during the Asian Financial Crises from 1997 to 1998, Xie said.

Xie suggested China to prudently cope with the Renminbi issue so as to avoid the huge amount of fund from flowing out of Asia. China should maintain the status quo by not changing the policy ofpegging yuan to US dollars, he said.