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danellv 发表于 2011-7-21 09:26:44 |显示全部楼层
Beijing Defends Strategy on Foreign-Exchange Reserves
BEIJING—The agency that manages China's foreign-exchange reserves struck back against domestic critics of its handling of the enormous cash pile, while also calling on the U.S. to protect the interests of its creditors.

It wasn't clear what prompted the statement Wednesday by the State Administration of Foreign Exchange, but it reflects the political sensitivity of China's foreign-exchange reserves—the largest of any country's, at $3.197 trillion. Some Chinese critics have complained those reserves are being poorly invested and are over-concentrated in U.S.-dollar assets such as Treasury bonds, of which China is the world's largest holder.

A debate in Washington over how to handle the growing U.S. debt has increased concerns in China and other countries about the safety of their investments in America.

The foreign-exchange administration, known as SAFE, rebutted the arguments of its domestic critics in an unusually forceful tone in Wednesday's statement, posted on its website. It argued that depreciation of the dollar against the yuan—Beijing has let its currency rise slowly over the past year—causes losses on the reserves only "on paper," when they are converted to yuan. Since the reserves are all held in foreign currency and invested abroad, that conversion doesn't actually happen.

"This is not a real loss, and has no direct effect on the external purchasing power of the reserves," SAFE said.

By the logic of the critics, the statement said, a fall in the yuan's value would increase the value of the reserves and benefit society. "But in fact," it went on, "yuan depreciation wouldn't increase returns on value forex reserves, and it's even less possible that it would add to society's wealth."

Many critics have demanded that the government diversify its holdings by purchasing commodities. But SAFE dismissed that argument, too. China cannot buy assets like gold and oil in large quantities without pushing up their prices, which would hurt the interests of domestic consumers of those commodities, it said. It also noted that such commodities are prone to large price fluctuations, and impose high transaction and storage costs.

One prominent critic of SAFE's practices has been Yu Yongding, a former adviser to the central bank and currently an academic at the state-run Chinese Academy of Social Sciences. In an April paper, he described U.S. Treasury bonds as a giant "Ponzi scheme" supported through purchases by the Federal Reserve. Dollar depreciation is causing capital losses on the reserves, and their purchasing power has fallen relative to commodities like gold and oil, he argued.

Similarly, in a paper published earlier this month, Zheng Xinli, vice president of the state-run China Center for International Economic Exchanges, wrote that every percentage point decline in the dollar—he didn't specify against which currency—causes capital losses to China of more than $10 billion. He called for the reserves to be diversified into commodity and energy assets.

The potential risks to China's holdings of U.S. Treasury instruments have been spotlighted by the political debate in the U.S. over the debt ceiling and the possibility that a failure to raise the ceiling in time could lead to a U.S. default. China keeps the composition of its reserves a secret, but it's widely believed to be held mostly in dollars, with most of that in Treasurys. According U.S. government data, China's holdings of Treasury securities totaled $1.159 trillion at the end of May, although those estimates are thought to understate the true total.

In its statement Wednesday, SAFE said it has "taken note" of recent comments on U.S. debt by ratings firms such as Standard & Poor's. Last week, John Chambers, a managing director at S&P, said the firm may downgrade U.S. sovereign debt if Congress hasn't raised the debt ceiling by later this month.

SAFE called on the U.S. to "take responsible actions to strengthen the confidence of international financial markets," and reiterated earlier calls by the Chinese government for the U.S. to "respect and protect the interests of investors."

The SAFE statement said "the excessively fast growth of reserves and the excessive scale of reserves" does lead to "certain challenges" in their management, but argued that the key to addressing the problem is reducing the scale of China's external imbalances.

China's large surpluses in the capital and current account lead the buildup of reserves, as the central bank buys up foreign currency entering the country from foreign investors, exporters and others.

Source: Wall Street Journal Online--http://online.wsj.com/article/SB ... 57284041435522.html
关键词:danellv follow LOW depreciation Fluctuations follow danellv

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evanary 发表于 2011-7-21 10:21:40 |显示全部楼层
1# danellv


It's a big problem. Foreign-Exchange Reserves is very important for our economy,look at the history of Japan,Thailand.After all,it's a good article!
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桉树熊 + 20 + 5 分析的有道理

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xc2010economics 在职认证  发表于 2011-7-21 11:17:02 |显示全部楼层
i am puzzled today have tow follow me article .
已有 1 人评分经验 热心指数 收起 理由
桉树熊 + 20 + 5 不好意思,本来应该是这篇的,不过有其他坛友先发了,所以造成了发帖混乱。

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“人生就像滚雪球。最重要的是发现很湿的雪和很长的坡。” — — 沃伦 巴菲特
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xc2010economics 在职认证  发表于 2011-7-21 12:13:47 |显示全部楼层
good article . the same to another article of today . china faces dilemma on u.s. treasuries . that is no doubt dollar will depreciate in future . china's foreign exchange face the risk of asset impairment . it's better to diverse its foreign exchange investment,  but china can't buy international bulk commodities like gold and oil because it will hold up the prices . consequently they will expedite domestic inflationary pressure . this is a thought-provoking problems . hard to solve . no one can deny  diversity investment must be made and slow down the growth of foreign exchange reserves .
“人生就像滚雪球。最重要的是发现很湿的雪和很长的坡。” — — 沃伦 巴菲特
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danellv 发表于 2011-7-21 12:16:26 |显示全部楼层
maiwenzhen asked me to put a follow me today, and I also feel puzzled.
4# xc2010economics
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wusi126 发表于 2011-7-21 12:48:27 |显示全部楼层
China's financial reform is a risky undertaking and needs to be managed carefully.  China's foreign-exchange reserves are the world's biggest.  Recent policies to tighten up on foreign-exchange inflows may have deterred some inflows of speculative funds. It's still too early to say if the government's measures are really effective.
On Wednesday  IMF predicted that China will continue to drive global economic development with an estimated GDP growth rate of 9.6 percent this year.
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桉树熊 + 20 + 5 + 5 根据规定进行奖励

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maiwenzhen 发表于 2011-7-21 15:31:35 |显示全部楼层
5# danellv

That is ture. You are the Best for yesterday's "follow me"!!!!!!!
Thank you for your sharing!
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maiwenzhen 发表于 2011-7-21 15:45:34 |显示全部楼层
“yuan depreciation wouldn't increase returns on value forex reserves, and it's even less possible that it would add to society's wealth.”

That is ture if the world's currency is dollar for ever, but if we convert the dollar to any other currency, especially yuan, we lost a lot.
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llg79 发表于 2011-7-21 16:42:30 |显示全部楼层
thanks for sharing:
1、critics:评论家,批评者
2、push up:扩展,增加,推进
3、be prone to:易于.....的;有......倾向
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whachel1976 发表于 2011-7-21 17:53:11 |显示全部楼层
72(2),72
rebut  [riˈbʌt]
vt.反驳
Ponzi scheme
庞氏骗局, 老鼠会
spotlight  ['spɔtlait]   
n.照明灯, 车头灯,公众注意中心
vt.用聚光灯照, 使瞩目

SAFE explains that the foreign exchange reserves will be reinvested in the original currency, which will take no effect on yuan, whether it depreciates or appreciates. China cannot buy commodities such as oil and gold in large quantities because that action will increase the prices and hurt domestic consumers. The foreign exchange reserve is somewhat problematic because it causes imbalance, and the scale needs to be reduced.
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zhang533744 + 1 + 1 这三个单词正好是我想知道的

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