Odds against hot money in emerging markets geometry wars.

<P> Government bonds on foreign investment in Thailand capital gains tax; Japan might again intervene in currency markets, said weakened the yen from rising; South Korea to buy U.S. dollars were repeatedly found to inhibit the appreciation of the currency ... ... step by step with the higher number of Asian currencies, .Governments have also taken effective measures to stop hot money inflows and hopes strong momentum of domestic currency. .</ P> <P> hot money ferocious </ P> <P> hot money ferocious. .Asia-Pacific and other emerging market countries, the most direct funding currency as the "target." .Emerging market stocks also will be a sharp rise. .</ P> <P> the past few days, the U.S. dollar against the yen at 82.40 yen hovering the 15-year low, dollar against South Africa, Israel and Switzerland and many other country's currency fell to its lowest point for years. .In addition, the Australian dollar fell to its lowest level since 1983. .This year the baht against the U.S. dollar has appreciated more than 11%, close to 13 years high. .</ P> <P> professional capital flows monitoring bodies EPFR (Emerging Markets Investment Fund Research) figures released last week, with the U.S. dollar against major currencies fell to multi-year lows, capital flows to emerging market assets in the amount of 10 .sharp increase in the first week of January, a total of more than 60 billion dollars of net inflows in 2007 reached its highest level since the fourth quarter, net capital inflows is the second largest ever. .</ P> <P> end of last week, Morgan Stanley Capital International (MSCI) Emerging Markets index has gained 10% during the past week the index hit a 27-month high. .In contrast, MSCI global stock index over the same period increased only 4%. .</ P> <P> depreciation of the dollar as the hot money that has been favored commodity. .Last week, gold rose to a record high of $ 1,364.6 an ounce. .In recent months, while crude oil contract gained 1.32% last week, rose for the third straight week, crude oil prices touched $ 84.43 a barrel in intraday high of 5 months. .Three weeks in recent months, the cumulative crude oil contract rose as high as 12.22%. .</ P> <P> dollar fueled </ P> <P> experts believe that the depreciation of the dollar surging hot money is undoubtedly one of the biggest promoter. .12, the Fed released minutes of the meeting, the participating officials that, shortly after the weak economy may need more support. .This is interpreted by the market, the Fed will soon implement the second round of "quantitative easing" policy. .This will have more to put more pressure on the weak dollar. .</ P> <P> Nobel Prize winning economist Joseph Stiglitz has said that the Federal Reserve and European central banks entered the financial system "substantial liquidity" is to bring the foreign exchange market instability .forces such as Japan and Brazil, countries have to defend their export industries, and thus foreign exchange market intervention. .</ P> <P> addition, the U.S. Treasury currency report will be released 15. .Affixed to China three times to avoid a "currency manipulator" label the Obama administration, once again faced with whether to declare China a "currency manipulator" option. .However, analysts expect the report will be delayed or the public. .12 U.S. Treasury Secretary Timothy Geithner said in recent weeks China has let the yuan to "substantial part of the" rise, and may in the long term to allow its further appreciation. .</ P> <P> countries need to cooperate closely </ P> <P> the face of rising asset prices are inflated, the Asian economies have introduced a number of interventions, hoping to weaken the currency appreciation of the national economy negative .impact. .</ P> <P> data showed Japan's accumulated in the last month to sell 2.1 trillion yen (about 25.6 billion U.S. dollars) to intervene in currency markets; Korea carried out since the end of September from a total of about 130 billion dollars in interventions. .Thai cabinet announced in 12, on foreign investment in bonds will impose capital gains and interest income of 15% withholding tax. .Previously, Brazil has on foreign investment in its bonds and other financial instruments to increase the tax rate doubled to 4%. .</ P> <P> analysts say, South Korea, Indonesia may be in the coming months to take further control on capital flows, and India and the Philippines will also join the ranks of intervention. .According to data compiled by commercial traders IFR forecast data, the Asian authorities on September 27 to October 12 between the date of purchase through the intervention a total of 32.7 billion. .</ P> <P> European Central Bank President Jean-Claude Trichet called for 12 countries to avoid falling into protectionism, and to avoid the introduction may disrupt the global economy. ."What we need now is not any form of" war ", but rather strengthen the commitment to close cooperation." Trichet said. .</ P> <P> the market, analysts said treatment of the exchange rate issue, "the whole world needs to have patience." </ P>.