Need to distinguish capital outflows from capital flight

Caixin: Does the central bank have an estimate of the magnitude of "hot money"?

Mr Zhou: We have observed that some export enterprises, affected by expectations, make decisions accordingly on whether and where to convert foreign exchange into RMB and whether to delay such conversions, conduct forwards transactions to mitigate forex risks, adjust the time of investment and bring forward the purchase of foreign exchanges.

These actions influence the supply and demand in the foreign exchange market.