It must be worrying the central banks in emerging countries that an economic bubble is forming in Asia. With the outlook in developed economies still uncertain, foreign investors are pouring money into Brazilian bonds, Indian Equities and Chinese Real estate. The net effect is that emerging countries are finding their currencies appreciating rapidly. Exporters in these countries are facing a double whammy – the sluggish demand in developed countries coupled with appreciating local currency. Another worrisome opinion is that most of the foreign investor inflows are just hot money and once the developed economies are back on track, the money will just evaporate leading to asset crashes in all developing economies.