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Shao Yu October Exchange in increments of $-24.892 billion, which is the trend? The global economic downturn led to falling trade surplus and new foreign capital actually used your did play a role in promoting, but more importantly must be a capital outflow of hot money and risk aversion. Why now? Emerging market investment fund research (EPFR) figures from August 10月, international funds for its assets, in particular China's securities market configuration was reduced, then start of a massive reduction of the foreign bank of China h-shares, bears the logic is still questioned lasting fresh kernel---urbanization of China's growth-real estate-infrastructure-financing-commercial banking, which is the cause of prosperity yesterday, today swtor power leveling,The plight of iniquity. The good news is that China's money supply was finally transferred from passive to active, no longer dependence. Since 1995, China Exchange settlement system used in final form the unusual fluidity supply mechanism. Once the dollar exchange settlement and sales, it formed a so-called double put in---on the one hand, the dollar as the base currency in China, the Central Bank would be equivalent to the United StatesStorage of a large reserve area branch, monetary policy has been hijacked, can do is continue to hedge and hedging. Even so, liquidity continues to swell, which in turn stimulated asset prices and speculative sentiment, 2003-2008, made in China and fund the sweetest moments, is betting the climax of appreciation, 2005 renewed appreciation of the open window as general attack setKnot, hot-rolling on and on. The other hand, also killed huge dollar reserves returned to the capital markets in developed economies, in the context of security requirements and the marginalization of the forced investment to the United States Treasury bonds that returns small "risk-free" on the assets, which in turn pulled down the overall market cost of funds, lifting other risk assets, earnings and other capital risk appetite, the excess capital and eventually so-calledWith financial innovation, influx and ultimately destroy the United States real estate speculation, the truth of this is called global imbalances and crises. But the bad news is that 2008-2009, the world has seen China's independent currency creating capacity and consequences. If the monetary authorities have the lesson earlier, then a more neutral monetary growth, such as GDP inflation 3%About, it should be a normal for some time to come, what does this mean? This is in fact turning points, is both an end of a starting point star wars the old republic power leveling, changing era will come. Externally, China must do more effective configuration of limited foreign currency reserves, otherwise at current yields, will soon be submerged in the increasingly abundant liquidity injected into the tide of the periphery. Internally, the monetary neutralityEnvironment more conducive to drive economic transformation, a bubble boom era of the past, investors also need to adjust only back to the source of real economic growth, growth can be guaranteed, gather these scattered capital will be back, qianhua wash, value investing, a real slow ox era may be coming. In October, if liquidity pains came,Freshman economic and capital market would be far behind? (The writer, orient securities chief strategist)