摘要如下：
Many investors have become more worried about
capital outflow: After official data from the PBoC
showed a further decline in financial institutions’ total
position for FX purchases in December 2011 for the third
month in a row, many investors have become more
worried about “hot money” outflow and potential “capital
flight” from China. From estimations based on monthly
data on financial institutions’ position for FX purchases/
official FX reserve changes, people have concluded
capital has been flowing out of China and that this might
lead to an economic hard landing if it forces a sell-off of
China assets.