The three-day 17th ASEAN Summit, ASEAN and its dialogue partners and the 5th Summit of the East Asia Summit will be held in the Vietnamese capital Hanoi. Then, from the ASEAN countries plus China, Japan, Korea, India and other leaders of major economies in Asia will attend.

Analysts noted that the current United States and other major Western economies, vigorously implement quantitative easing policy, the influx of overseas capital in the context of Asia, “hot money” and the currency “is the appreciation of” the problem of Asian economies has been widespread concern leaders may be in this week’s meeting of the risks and response measures for in-depth exchanges. Some countries such as South Korea and India have been actively considering measures such as capital controls.

United States escape the fear of “pointing fingers”

ASEAN summit this year the number one issue is to strengthen the ASEAN Community and ASEAN and dialogue partners to promote all-round cooperation. In the ASEAN community building, economic integration is undoubtedly the most important elements.

ASEAN and other Asian economies, despite the overall economic recovery in good condition, but the country is facing the current international economic and financial situation is quite complicated.

As the growth prospects of the West versus the world a better financial situation is more healthy, Asian economies have faced this year, the issue of international capital inflows, which also gives the local monetary policy management, export competitiveness and bring serious financial situation is stable challenges.

Recently, the International Monetary Fund and the World Bank are openly on the Asian region could face the risk of capital inflows warned. IMF First Deputy Managing Director John Lipsky said in Shanghai recently, in terms of capital flows in Asia is a two-edged “sword” in the promotion of investment and economic growth, but also bring lead to asset price bubbles and financial instability worries.

G20 in the just-concluded meeting of South Korean officials, emerging markets face the risk of hot money is highlighted, many of the participating officials pointed out that some developed countries, especially the United States to pursue the infinite selfishness quantitative easing monetary policy, the objective of other countries on the aggravated risk.

German Economics Minister, said Bruce Bradley last weekend, the U.S. Treasury and the Fed’s actions led directly to the weak dollar, which although beneficial to the U.S. economy, but it could undermine U.S. trade partners. He accused the behavior of the Fed printing money recklessly in the indirect manipulation of the exchange rate. Including Nobel Laureate Joseph Stiglitz and other experts have criticized the Fed’s current monetary policy to some extent, the dispute caused the current chaos in the exchange rate, has brought the international financial market instability, and may create new asset bubbles.

Experts said that in this week’s series of ASEAN meetings, countries may also criticized U.S. policy. It is reported that U.S. Secretary of State this week, Hillary Clinton will also attend the ASEAN meeting, held in Vietnam.

South Korea considering the implementation of capital controls

And analysis of problems in finding the source of the same time, some real pressures facing Asian economies are also actively preparing to take action to deal with possible risks.

Recently been warned to take measures to curb hot money again to make it clear that South Korea Wednesday, Bank of Korea said the same day, President Jin Zhongxiu, is considering following Thailand, taxes on foreign bond investors to ease the pressure of capital inflows.

In India, large capital inflows, the question also of concern. “New York Times,” 27 Journal article said that although India is enjoying a surge of capital inflows, pushing the benefits of the local economy and the stock market, but the influx of hot money to bring the appreciation of the currency but also to Asia’s major economies, export-led challenge also laid the overheated economic growth and financial market volatility in the shell. Statistics show that since January this year, the Indian capital market, attracted a record total of 33.8 billion U.S. dollars of foreign capital inflows.

Over the past 16 months, the Indian rupee against the dollar by 9%, back to the level before the financial crisis, the local textile and other export industries to a great impact on this year, during the period April to August, the Indian garment exports fell by 6.4%. Indian stock market continued to record high.

In addition, Malaysia’s central bank chief this week said that if the excessive volatility of the currency, the central bank will intervene currency. Thailand announced in an accident earlier this month, on foreign investment in local bond yields tax of 15%.

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