don't exaggerate "to reduce the USA bonds" meaning
recently, China reserves growth started to slow down, but the scale is still increasing, growth in the two quarter to $81100000000. Normally, in a time of crisis, the hegemony of the US dollar will make people more willing to "hedge" ability "the one and only" dollar, while the surplus dollars more to hold the position American bonds to avoid market risks. But recently attracted global attention phenomenon is,<a href="http://www.penangplace.com/_vti_log/Louis-Vuitton-outlet-5221.html">ルイヴィトン アウトレット</a> http://www.penangplace.com/_vti_log/Louis-Vuitton-outlet-5221.html, in addition to the debt problem is serious, hit the international financial market asset prices, in April 3, the world's largest foreign exchange reserves and held by the country -- America Treasury Chinese obviously promote the "reduction USA bonds" strategy, after the May greatly reduction of $32500000000 the American bond, in June Chinese re reduction of $24000000000 America bonds. So, at home and abroad media made a lot of depth report on the "abnormal" phenomenon, some even to the point of "alarmist". For example, dollar dominated monetary system at the beginning of "crumble",<a href="http://www.dohlenstudios.com/images/photos/adidas-sneakers-outlet-248.html">アディダス スニーカー</a> http://www.dohlenstudios.com/images/photos/adidas-sneakers-outlet-248.html, China government by a holding is also worrying about that; in addition, the reduction of USA bonds is USA recently in the provocation China military surrounding a powerful response measures etc.. I personally think that the reduction USA bonds phenomenon reflects a concrete manifestation of the Chinese government to improve efficiency in the use of huge foreign exchange reserves, rather than as some so-called "currency war" performance. If want to keep the dollar to promote RMB's position through the "currency war", then why not the dollar depreciation pressure maximum, minimum and we adjust the interest rate adjustment reserve structure for the highest 09 years to implement, and to put a time of relative economic stability to make? I think mainly for the following purposes into consideration, and, even if the aliasing, also need to grasp the "degree" and "time" option.
1. foreign exchange assets "liquidity" is to maintain the stability of the currency China key
Chinese economic comparative advantage and the "Asian model" as the "manufacturing country" (behind have a human, management, work values, and comparative disadvantage advantage) as well as the "Asian model" is weak domestic consumer market (behind the convex financial system vulnerability, social security system defects and other problems and thrift value constraint), therefore, to maintain the relative stability of the exchange rate level is a system arrangement with China conditions. Before before Chinese accession to the WTO, we can through the capital management to maintain the system, not for speculative capital use Chinese financial market opening to stage a and the East Asian crisis as "speculative", eventually destroying the domestic monetary system and financial system of "fair game". However, when the financial tsunami triggered by the America, China on their own "wealth management" the lack of ability to in-depth reflection, and then began to promote "RMB internationalization" strategy of great power; moreover, international trade and financial protectionism.
of the Fudan University School of economics professor Sun Lijian
Financial vice president,
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