When a country allows appreciation, the fund expressed openness to capital controls being used to discourage destabilising inflows of hot money, seeking short-term higher returns than in advanced economies.
当一个国家允许升值，资金表现出不受用来阻止那些寻求比发达国家更高的短期收益的热钱的流入的资本管制的约束。

主句是：the fund expressed openness to capital controls 资金表现出开放资本管制
being used to discourage destabilising inflows of hot money是定语，修饰capital controls
seeking short-term higher returns than in advanced economies是定语，修饰hot money
When a country allows appreciation是时间状语从句。