Refers to the pursuit of the highest paid and the lowest risk in the international financial markets, the rapid movement of short-term speculative capital. International free movement of speculative short-term funds mainly to escape the political risk, the pursuit of exchange rate fluctuations, commodity price changes or the vital interests of the international securities price changes, exchange rate changes and the pursuit of hot money is the interest of speculative behavior. When speculators expect the price of a currency will fall when they sell the currency forward exchange, with a view to the future after the expiration, you can buy a lower spot foreign exchange earned this exchange rate difference of interest. Because this is purely fictitious speculation, arbitrage and so different. In the foreign exchange market, because such currency devaluation of speculative funds often own tendency to be converted into currency appreciation tends to increase the instability of the foreign exchange market, so long as the expected psychological presence, only to let the currency appreciate sharply fluctuations or exchange controls in order to stop this flow of speculative capital.