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Yam Says Emerging Economies May Curb Money Inflows

Emerging economies may use currency gains and temporary capital controls to cope with money inflows sparked by U.S. monetary easing, said Joseph Yam, former head of the Hong Kong Monetary Authority.

“I certainly hope that emerging market economies will be able to cope,” Yam said in a speech at a forum in Beijing today. Measures could include “currency appreciation, exchange market intervention, temporary capital controls, macro prudential measures to contain bubbles and supervisory measures to limit their damage on the financial system and the economy should the bubbles burst,” he said.

Yam also said in a panel discussion that Hong Kong should maintain a currency peg to the dollar and can’t use the yuan for that purpose because it isn’t fully convertible.

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