SHANGHAI: China attracted a total of $48.7 billion of "hot money" in December, the largest amount in eight months, according to China International Capital Corp (CICC).

The nation's foreign-exchange reserves rose $10 billion last month, the smallest increase since November 2008, according to central bank data released on Jan 15. The slower growth reflects adjustments in the values of euro-denominated assets and US Treasuries, according to a research note released yesterday by economists at CICC, the first Sino-foreign investment bank.

"We estimated the valuation changes led to a $68.9 billion decrease in foreign-exchange reserves," Ha Jiming, the Hong Kong-based chief economist at CICC, wrote in the report. "This shows the real foreign capital inflows are still rapid."