A POPULAR game this summer among watchers of the Chinese economy is to guess the size of speculative capital or "hot money" flowing into the country.

今年夏天，在观察中国经济的人士中流行着一个游戏：猜测有多少投机资本或“热钱”进入中国。

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It could also be an attempt to stave off speculative capital inflows by showing that renminbi appreciation is not a one-way bet.

此举也可能意在阻挡投机资金流入，其方式就是宣示：押注人民币升值并非稳赚不赔。

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A property boom in the Cambodian capital has brought a whirl of demolition of old buildings, plans for new high-rise developments, and speculative investment in satellite towns.

柬埔寨首都刮起了一股地产热，卷来了一阵推倒古老建筑的飓风，带来了建造高楼大厦的计划，和周边城镇的投机炒作。

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The central bank, which has kept interest rates high to offset lax fiscal policy, is in a policy bind: even higher rates might attract a destabilising amount of speculative capital, while lower rates would fuel domestic demand and imports, pushing the current-account deficit higher.

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"To me, many of these projects are a result of easy access to capital and a combination of wishful thinking and speculative behavior rather than rational business calculations, " said Victor Teo, assistant professor at the University of Hong Kong.

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Chinese officials have said that money-smuggling rings like the one in Chongqing have become a "popular" channel for speculative capital flows.

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