Hot Money, also known as Refugee capital, refers to those short-term speculative capital flowing rapidly in international financial market in pursuit of maximum reward at lowest cost.

热钱(Hot Money)，又称游资(Refugee Capital)，投机性短期资本，指为追求最高报酬以最低风险而在国际金融市场上迅速流动的短期投机性资金。

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While China keeps tight control on flows of capital in and out of the economy, short-term speculative investments often take place under the radar, and the central bank typically soaks up extra cash by using so-called liquidity operations.

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