CCTV: Hot money pushes high cost some enterprises in Zhujiang Delta are on the verge of collapse

Welcome to continue to watch the "Economic Information network", since yesterday we broadcast a series of hot money survey, our correspondent in Hong Kong found that in Hong Kong's currency exchange point, the renminbi without any restrictions on the free convertibility of foreign hot money into the mainland provides a way.　　Today, the reporter came to the close of Hong Kong, Shenzhen, Luohu, found that the situation here is also worthy of the attention of the competent authorities, where the renminbi can also be unrestricted free convertibility, to see the reporter in Shenzhen luohu investigation.　　Shenzhen Lo Wu currency supervision has a vacuum zone in Shenzhen Luohu port entry and exit building, there are hundreds of shops, the reporter noted that the exchange of renminbi in the business is very prosperous, many operating fruits, cigarettes, air tickets and clothing shops, put a calculator on the counter, began to carry out foreign currency exchange business. Bag shop owner: "A lot of change." Now 100 dollars for 85.4 yuan, they don't have the price. "Reporter:" There are more than 3 million Hong Kong dollars, can change? "Cigarette shop staff:" Yes. Because we have an office inside, the direct general customers come to the inside to change, all into the inside.　　"The clerk told reporters that the day in exchange for tens of millions of renminbi are no problem, the specific approach is to 10 million yuan foreign exchange cash into 10 or 15, here to give them a pen, immediately from the online bank will be RMB into the exchange of the account, 10,000,001-day can be processed. Bag shop owner: "Your number is large, I must give a good quantity to you, a good price to you, anyway the price is appropriate, we are immediately after the money to leave immediately."　　"The State administration of foreign exchange expressly stipulates that the amount of the individual's foreign currency is 50,000 dollars per year, but at the Luohu port, reporters found that almost all the exchange points were not enforced." Reporter: "Walk a about 20 million, can go?" "Clerk:" Yes. We have no limits here, as much as we can. If you go to the bank, it has a limit.　　The clerk told reporters that they were the largest foreign exchange stores in Lo Wu and that they had a way to evade regulation for large foreign currency exchanges. Exchange Shop Clerk: "That window and this window are controlled by the foreign authority, we have no single window, no restrictions." "Reporter:" not a single can not see out, right? "Clerk:" Yes, no list, no record. Our concern is the national network, there are records. "Reporter:" that is to say, if you do not make a list, the Foreign Control bureau can not find out, right? "Clerk:" Yes.　　"The study of hot money Youhuan told reporters that the Lo Wu Port Exchange point is now a way of hot money inflow, according to his investigation, a humble shop one day to come up with tens of millions of funds, these phenomena, should arouse the attention of the competent departments. Hot money blows up Hong Kong asset bubble look at our reporter's survey just now, we are also asking questions, so many hot money every day in the flow, what is the purpose? The money eventually flows toWhat areas?　　Some professionals specialize in investigating the flow of money to hear their views. Wintenna, a professional member of the Hong Kong Securities Institute: "Hot money flows into Hong Kong, it has several channels, the first of course is that it can be parked in this bank does not move, into cash, this I think the opportunity is not big." They mainly flow into the Hong Kong stock market, 1th. The second is the property market. Third, the QFII may enter the mainland.　　"In observing the flow of hot money in Hong Kong this year, Wintenna found that more than half of the hot money flowed into the Hong Kong stock market, 4 months ago, when the hot money began to flow into Hong Kong, he also wondered, the Hong Kong stock market turnover did not increase, the money came in is prepared to do, after the hot money lurking for a few months, he realized. Wintenna, a professional member of the Hong Kong Securities Institute, said: "The first step of hot money entering Hong Kong is usually to invest in this so-called state-owned enterprise, h-share, or local stock, and by October, the turnover of HKEx is 300, 400, or even 50 billion is good." We see that October, or in the past two weeks, Hong Kong stocks have soared by almost 2000多 points, and this is indeed an early unexpected event. "It is the inflow of hot money that has led to a sharp increase in Hong Kong's stock market and volume, and the fact that equities in renminbi assets are the focus of hot money flows as a result of bullish economic growth, leading to a huge premium on the prices of H-shares and shares listed in Hong Kong and the mainland," For example, China Ping An A shares today's closing price is 56.26 yuan, and the closing price of H-shares is 89 35 Hong Kong dollar, Hong Kong Securities Professional Association professional member Wintenna: "This time hot money to Hong Kong, they value a few points, the first is that Hong Kong is China's international financial Centre, Hong Including the stock market of H-shares, red chips, state-owned enterprises, as well as renminbi bonds, there are renminbi derivative instruments. Hong Kong's property market is also climbing as the stock market has surged under the impact of hot money. Hong Kong's housing prices have surged 47% in the past 20 months, according to the latest figures released in Hong Kong in October.　　To rein in the housing bubble, the HKSAR government last week issued tough controls. Hong Kong people: prices are high and high. Most of the general is not afford to pay. Our per capita is more than 10,000 pieces, on average, if an inch is more than 30,000 pieces, it is difficult to buy a building, very high. This section rises very quickly, this one year many starts the property price to rise quickly. Wintenna, a professional member of the Hong Kong Securities Professional Association: "Hong Kong's real estate market, we have all been saying a word, is not the real estate market of Hong Kong people, it is the whole China's real estate market, and even the entire Asian real estate market." Whether it is a mansion, a middle price or a small price of some of the houses are propped up, many are some hot money. "Similarly, since October, the domestic a-share market is also a strong rise, the industry is recognized as a capital-driven market, and the fall in Friday is also hot money back to the dollar phased reversal of expectations caused." AccordingThe research institute initially calculated that September and October inflows into the A-share market of hot money of about 200 billion U.S. dollars, equivalent to 1.3 trillion yuan. Youhuan, director of the Guangdong Social Science Development Research Center: "Our latest research shows that about 60% to 65% went into the commodity market and about 30% went into the market." "Hot money hype pushes high cost enterprises to produce the affected researchers told our correspondent, the influx of hot money, has now let some means of production prices have risen, we are familiar with the cotton, is the hot money speculation in the case, there has been a sharp rise in the market, from the beginning of August to the beginning of November, a short three months of cotton prices doubled,　　Although the current price of cotton has been significantly reduced, but this wave of cotton prices, a sharp push up the cost of some production enterprises, our reporters in the Pearl River Delta survey also found that under the pressure of high costs, some enterprises are on the verge of collapse. Youhuan, director of Guangdong Social Science Development Research Center: Now the cotton fry up, cotton, now this cloth price increases, but our factory, because we used to receive the processing of the single, we export processing is not improved, the raw materials are price increases, but the prices of goods have not improved, So the factories that have recently included our family have had to shut down.　　"Youhuan recently in the Pearl River Delta Clothing finished products export research found that cotton as raw material production enterprises, most of the loss of the state, and even some have been facing closure. Guangdong Social Science Comprehensive Development Research Center Director Youhuan: "This year's China fair there are many factories there are orders dare not to answer, the reason is that the raw material rose too fast, the international market price is not corresponding to upgrade, there is not dare to answer the order, so that the hype has affected the development of our industry　　"In the Pearl River Delta, not only cotton products to increase the price of the impact of cotton production enterprises, the same, hot money speculation under the domino effect, but also spread to the food production enterprises here." Youhuan, director of Guangdong Social Science Development Research Center: Food also because of the problem of raw materials, is now forced to stop to take orders, because the beans, oil prices, I this sugar, this food export prices have not been correspondingly improved, so it can not continue to produce, so now this wave of speculation we find not to hype every product, Most of them fired. Youhuan told reporters that in recent months, hot money in general can be involved in the industry, its products are involved in the scope of speculation.　　Under hot money speculation, if this situation can not be quickly curbed, will have a small impact on China's real economic industry chain. Guangdong Social Science Comprehensive Development Research Center Director Youhuan: "This kind of speculation it is now temporarily hoard up, it did not put into production, once this speculation bubble burst, these raw materials into the market again, suddenly the market becomes raw materials oversupply, digestion, The producers and service providers of this piece of raw materials will go bankrupt and close. So the blow to the whole industry it was aHas had a great impact on the development of this industry.　　"More frightening is, Youhuan hot money Research group recent monitoring found that some overseas funds are zhunbing Hong Kong, the future may be more hot money will enter the mainland China, will further stir up trouble in the commodity market." "We expect a wave of speculation in the commodity market," said Youhuan, director of the Guangdong Social Science Development Research Center. So the impact of this wave of speculation on our country is particularly large, because it will further affect our economic and social stability of the nerves. Therefore, this wave of hot money in the speculation of the harm of the commodity market, I think we should now be highly valued. "Financial Links: Curb hot money in the fight against" seven-inch "This two days, we have been concerned about hot money, in our impression, hot money is always mysterious, because it often comes from overseas, and often go into the mainland of gray channels, both the amount of hot money is often huge, usually it aimed at the target asset prices, Often in the arbitrage factor, there is a rally, but hot money hit these wishful thinking, there is no way to curb it?　　Open today's financial links to see some concrete ways to curb hot money. From the historical experience, the hot money is not always the winner, the time to go awry a lot, especially in the clear hot money speculative laws of the key moment, policy changes will often cause serious blow to hot money. A few years ago the man of international hot money, Soros's Tiger fund as an example, it has been sniper Sterling and the Thai baht success, the subsequent two large-scale impact on Hong Kong currency markets, futures and stock markets, the first harvest, but the second was defeated. In October 1997, overseas hedge funds threw Hong Kong dollars into the market, and the HKMA, in defence of the Hong Kong dollar, sharply raised the overnight offer to 300, hoping that speculators would be deterred by a substantial increase in funding costs.　　But the move is in the interests of speculators, as interest rates have risen sharply, leaving the Hang Seng index at 40% and hedge funds taking a big profit from short positions.　　By the end of the August 1998 Hang Seng index futures contract settlement, these hedge funds again, but the government spent $120 billion to absorb Hong Kong stocks, after half a month of wrestling, Hong Kong stocks after a sharp rebound, the Tiger Fund and other hedge funds in the foreign exchange market and the period of bilateral losses ended. Hot money is often used for a short period of time, or even a part of the borrowing, in order to enlarge the lever profit, but also often lose more in the face of the variable. Soros in 1998 to gamble on Russia's foreign debt will not be a crisis, but the Russian government announced the delay in the repayment of foreign debt, coupled with Soros's erroneous judgement on the yen's movements, another loss of a billion of of dollars, then followed his money is also a serious loss.