Though exchange rate appreciation is still considered the preferred ex-post policy option in dealing with inflows,  “The Fund’s role regarding cross-border capital flows”, IMF, November, 2010. BIS central bankers’ speeches  intervention is now justified if there is major veering away of the currency from its fundamental value.   The limitations of individual country-specific measures are being articulated.
The IMF policy note seeks to address the issue through development of rules of the game for global capital flows and in fostering multilateral, non-discriminatory, approaches that look to the interest of both the originators and recipients of capital. Is such a framework possible? I am not sure but till then countries impacted by this would need to continue to find their answers.