In the Vietnamese financial crisis, China need not panic excessively. On the one hand, the appreciation of RMB has not reached the satisfaction level of hot money, and the bubbles in the stock market and housing market have been basically effectively controlled; On the other hand, China has huge foreign exchange reserves and a large trade surplus, and its capital account has not been fully opened. In addition, the through train of Hong Kong stocks has stopped, so the central bank still has the right to revalue the currency at one time. Moreover, stock index futures haven't been launched yet, and hot money can't borrow money to short China. Crucially, if hot money retreats on a large scale, the central bank will be as calm as the Federal Reserve in the subprime mortgage crisis, release the tight central bank reserves and central bank bills in the past, provide a lot of liquidity to the market and financial institutions, and fight a protracted war with hot money.

The key point is that China can't implement a mismatched monetary policy like Vietnam, relax the fluctuation range of exchange rate to promote the rapid appreciation of its currency, and simply rely on raising the deposit reserve ratio and raising interest rates to curb inflation. Facts have also proved that the effect is not obvious. I think it is the top priority of current monetary policy to supervise and curb the inflow of hot money.