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Asia Braces for Flood of Foreign Cash
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The effect on Asia of the US Fed's action on November 3, 2010, to buy $600 billion of US Treasury securities. This will create even more inflows of capital into emerging markets. Hong Kong with its currency pegged to the dollar, effectively imports low interest rates from the US, at a time when property prices have risen 50% since early 2009. And with the growth in China, Hong Kong's economy is growing rapidly. This risks a price bubble. The response in Hong Kong is to tighten lending restrictions on property purchases. South Korea is considering imposing controls on the inflow of capital. The Thai baht is up 11% against the US dollar in 2010, the Korean won 6%, and the Philippine peso 8%.
The impact on Asia of the U.S. Federal Reserve's move to buy $600 billion of US Treasury securities in 2010-2011.
11/04/2010
Fears that additional inflows of capital into Asia will create price bubbles, or destabilize Asian economies with volatile capital inflows.
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New York Times 08/22/2013
Asia Braces for Flood of Foreign Cash
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