Hot money from abroad also chases the Chinese currency, as columnist Steve Hanke observes on page 102.

FORBES

They also attract hot money from abroad, which has helped to make the real uncomfortably strong, hurting exporters.

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Such wishful thinking led to the financial bubble of 1997-98, when hot money from abroad piled into flimsy stocks and bonds, culminating in the default, devaluation and banking collapse of August 1998.

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