?????? 熱錢（hot money），又稱游資（refugee capital），通常定義為追求最高報酬和最低風險，在國際金融市場上迅速流動的短期投機性（speculative）資金。在我國，由于存在資本項目管制，所謂“熱錢”則指那些純粹以投機套利為目的、無真實貿易或投資背景的國際收支交易及跨境資金流動。請看Wikipedia里對此的解釋：

In economics, hot money refers to funds which flow into a country to take advantage of a favorable interest rate, and therefore obtain higher returns. They influence the balance of payments and strengthen the exchange rate of the recipient country while weakening the currency of the country losing the money. These funds are held in currency markets by speculators as opposed to national banks or domestic investors. As such, they are highly volatile and will be shifted to another foreign exchange market when relative interest rates make this more profitable.

?????? 自2010年2月起，國家外匯管理局（State Administration of Foreign Exchange (SAFE)）在外匯流入量較大的13個省市，排查累計金額4400多億美元的跨境交易，現已查實73.5億美元屬于違規流入的“熱錢”。

?????? 對于“熱錢”的流向，國家外匯管理局副局長鄧先宏表示，從專項行動看，“熱錢”進入的重要目標就是進入股市（equity market, stock market）、樓市（property market）獲取資產價格上漲收益，這符合“熱錢”的投機套利本性。

?????? 請看新華社的報道：

An investigation into this year's speculative "hot money" inflows uncovered 190 cases involving 7.35 billion U.S. dollars of funds, a senior official of the State Administration of Foreign Exchange (SAFE) said.

In an undated interview with The People's Daily posted on the newspaper's website Monday, Deng Xianhong, deputy director of the SAFE, said the foreign exchange regulator did not find evidence of large amounts of hot money flowing into China.

The SAFE investigation began in February.

The latest figure was unchanged from the May 25 figure.

Most of the speculative and arbitrage capital from overseas wound up in the equity and property markets, Deng told the newspaper without giving further details.

——Excerpt from China uncovers US$7.35 bln of hot money inflows

?????? （來源：中國網學英語頻道）