The matter is complicated for those countries by the very low interest rates in the major countries – implemented, understandably, for their own domestic reasons – and concerns  BIS central bankers’ speeches  3  over the extent of capital inflow and potential exchange rate appreciation. This is one of the key issues for the year ahead.
And in the second and third quarter, there was in fact, a net inflow of portfolio investment despite the global ambience, where, as I have already said, the Federal Reserve System raised its funds rate.