亚洲央行警惕外资大量流入

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加坡金融管理局(Monetary Authority of Singapore)局长孟文能周三警告称，面对外资大量流入，亚洲经济体依然非常脆弱，本地监管机构必须准备好采取审慎措施管理不断增加的外资流入。

此前韩国一位高级财政官员公布了之前提出的遏制投机资金流入措施的更多细节，称监管部门正在考虑对一些外汇和债券交易征税。

此举凸显出亚洲各国政府对新兴市场新一轮资金涌入潮的担心。由于美国、欧洲和日本等央行维持超宽松的货币政策，投资者纷纷到亚洲部分地区寻找更高回报，这些地区因经济增长较为强劲而维持较高的利率水平。虽然外资流入有助于促进经济增长，但一些人担心，如果外资大量流入扰乱市场，或者这些外资过快撤离，这些地区会受到不利影响。

这些官员讲话也暗示，亚洲国家在继续寻找既不会吓退外国投资者又可加强防护的措施，其中很多国家已经设置了可以减弱资本快速流入冲击的监管缓冲措施。

孟文能表示，亚洲各地央行应继续允许本币升值，以减轻外资流入增加带来的通货膨胀压力。

不过他同时表示，单靠本币升值仍无法完全消除全球利率偏低和外资大量流入带来的影响。实际上，本币强劲而持续的升值可能反而吸引更多的资金流入。

孟文能说，亚洲地区央行应采取更多举措来防止资产泡沫，比如收紧银根或通过征税来打击投机行为。

韩国企划财政部副部长Choi Jong-ku在首尔表示，韩国正在筹划一系列新举措来抑制资金流入，包括对外汇交易征税等。此前韩国已经采取了各种审慎措施强化金融系统监管，如设置银行外汇远期头寸上限等。

Choi并未详细说明，但他说，征税计划应有助于抑制热钱流入当地货币市场。他说，在投机性衍生品监管方面，韩国政府考虑对无本金交割远期头寸实施更加严格的规定。

Templeton Asset Management Ltd.联席首席执行长兼投资组合经理Dennis Lim表示，亚洲地区央行实施进一步举措限制资金流入的可能性构成很大风险。

Lim说，很多亚洲国家正在研究如何在必要的情况下对资金流入设置障碍。Lim指出，对资金流动设置任何形式的阻碍或限制都会带来负面影响，因为这会削弱投资者对市况变化作出快速反应的能力。Lim所在的团队管理着全球新兴市场530亿美元的资产。

外资流入会给亚洲地区国家带来风险，其中包括本币升值，而这对希望保持出口竞争力的国家来说是个令人头痛的问题。

泰国财政部长吉迪拉•纳•拉农(Kittiratt Na-Ranong)周三表示，泰国无意对外资流入征税或加以限制。但他说，泰国官员对泰铢过快升值感到担忧。

在新加坡，外资已经成为推动房地产价格上涨的主要动力。这令当地购房者十分不安，并促使政府在本月实施一系列房地产市场降温举措，比如提高外国人购房或当地居民购买二套房的印花税。

投资者称，截至目前，亚洲地区央行采取的举措还都是为了管理外资流入，而非阻止。他们说，除非出现某个亚洲国家限制外资流出的情况，否则没有什么真正值得担心的。

J.P. Morgan Asset Management的全球策略师Geoff Lewis表示，投资者可以接受存款利率设置上限或资金流入限制措施。他们不喜欢的是资金受到禁锢。

Lewis说，现在还没有出现这种情况。亚洲各地央行应会更加谨慎行事。

Martin Vaughan
Asian central banks are wary of large inflows of foreign capital

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MAS (Monetary Authority of Singapore) Secretary MAINWIN able Wednesday warned that, in the face of foreign capital inflows, the Asian economies are still very fragile and local regulatory agencies must be ready to take prudent measures to manage the increasing inflow of foreign capital. Korea, a senior finance officials had announced previously proposed measures to curb speculative capital inflows more details, saying regulators are considering a number of foreign exchange and bond trading tax. The move highlights the Asian governments on a new round of capital into emerging market tide concerns. Because the United States, Europe and Japan's central bank kept its ultra-loose monetary policy, investors have to look for higher returns in parts of Asia, these regions because of relatively strong economic growth and maintain a high level of interest rates. While capital inflows contribute to economic growth, but some people worry that if foreign capital inflows to disturb the market, or a rapid withdrawal of foreign investment in these areas would be adversely affected. These officials also hinted speech, Asian countries continue to seek neither scare off foreign investors but also to strengthen protection measures, many countries have set up a rapid capital inflows can weaken the impact of regulatory measures in the buffer. Meng Wen also noted that Asian central banks should continue to allow the currency appreciation to reduce the inflow of foreign capital to increase inflationary pressures. But he also said that the currency appreciation alone can not completely eliminate the low global interest rates and the impact of foreign capital inflows. Indeed, the strong and sustained appreciation of the currency may actually attract more capital inflows. MAINWIN can say, Asian central banks should take more initiatives to prevent asset bubbles, such as tightening or through taxation to combat speculation.













Deputy Minister of Planning Korea Choi Jong-ku said in Seoul, South Korea is planning a series of new initiatives to curb capital inflows, including foreign exchange transactions tax and so on. Prior to South Korea has taken various measures to strengthen prudential supervision of financial systems, such as setting the ceiling on bank foreign exchange forward positions. Choi did not elaborate, but he said tax plan should help curb hot money flowing into the local currency market. He said that in speculative derivatives regulation, the South Korean government to consider NDF positions implementation of more stringent requirements. Templeton Asset Management Ltd. Co-Chief Executive Officer and portfolio manager Dennis Lim said the region's central bank to implement further initiatives to limit the possibility of capital inflows pose a great risk. Lim said that many Asian countries are studying how the necessary capital inflows under the circumstances set obstacles. Lim pointed out that any form of liquidity settings will hinder or limit negative impact, because it would undermine investors react quickly to changes in market conditions ability. Lim where the global emerging markets team manages $ 53 billion in assets. Asian countries foreign capital inflow will bring risks, including currency appreciation, which may wish to maintain export competitiveness of the country is a vexing problem. Thai Finance Minister Ji Dila • Carolina • Ranong (Kittiratt Na-Ranong) said on Wednesday that Thailand does not intend to foreign capital inflow taxes or be limited. But he said the rapid appreciation of the Thai baht officials worried. In Singapore, foreign investment has become a rising real estate prices push the main driving force. This makes local buyers are very upset, and prompted the government to implement a series of real estate market in this month cooling measures, such as increased foreign buyers and local residents to buy two suites of stamp duty. Investors said that, as of now, the initiatives taken by central banks in Asia are also foreign capital inflows in order to manage, rather than blocked. They said that, unless there is an Asian country restrictions on foreign outflows, otherwise there is nothing really to worry about. JP Morgan Asset Management's global strategist Geoff Lewis said that investors can accept a cap on deposit interest rates or capital inflow restrictions. They do not like is the money being imprisoned.Lewis said there was no such case. Asian central banks should be more cautious. Martin Vaughan