男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

Top Biz News

Forex reserves reach record high

By Xin Zhiming (China Daily)
Updated: 2010-10-14 09:11
Large Medium Small

Forex reserves reach record high 

A woman looks at yuan and US dollar banknotes in Fuyang, Anhui province.[Photo/China Daily] 

Huge stockpiles may spark more foreign calls for yuan appreciation

BEIJING - China's foreign exchange reserves, the world's largest, rose $194 billion in the third quarter to reach a record $2.65 trillion, which some foreign countries will likely use to pressure China to push forward a faster yuan appreciation, economists have said.

But the yuan's appreciation will cause the real value of the country's forex stockpiles to decline, so policymakers must strike a balance between the two positions, analysts have also said.

The country's total reserves increased by 16.5 percent year-on-year, according to figures released by the People's Bank of China, the central bank, on Wednesday.

"The reserve build-up is set to lead to growing foreign pressure for a faster yuan revaluation," said Sun Shijian, an economist at Fudan University in Shanghai.

The US House of Representatives has passed a bill empowering the government to use punitive measures if other countries, including China, are found touse an undervalued currency to benefit their trade with the US.

The yuan has risen by 23 percent since July 2005 and by more than 2.2 percent since June 19, when China vowed to make the currency more flexible.

But the increase seems to fall short for some foreign governments which continue to urge China to let the yuan appreciate more and faster.

"Foreign exchange rates may not be directly linked to the value of the yuan," Zhuang Jian, senior economist of the Asian Development Bank (ADB) in China, said.

"China has increased imports, which would help rebalance its international payments.

High-ranking Chinese officials, such as central bank Vice-Governor Yi Gang, have vowed to reduce the ratio of the country's current account balance - the trade balance - over its GDP from the current 6 percent to 4 percent.

China's trade surplus narrowed to $16.9 billion- the smallest in five months - in September because import growth overtook export growth.

Sun also warned the yuan's appreciation will jeopardize the massive foreign exchange reserves' value, because it will cause them to shrink in terms of the dollar.

Related readings:
Forex reserves reach record high China starts diversifying forex reserves
Forex reserves reach record high Macao's forex reserves reach $20.72b in July
Forex reserves reach record high Debate: Forex Reserves
Forex reserves reach record high China's forex reserves reaches $2.45t

"The US is, in a sense, trying to reduce its debt to China through pressuring (China) to appreciate its currency," he said. "China must develop strategies to use its reserves more wisely."

The central bank also said Chinese banks extended a net of 595.5 billion yuan in new yuan-denominated loans in September, compared with August's 545 billion yuan.

"The pressure on policymakers from increasing liquidity remains," Zhuang from the ADB said.

China recently decided to temporarily raise reserve requirements, or the money commercial banks must keep in reserves, for six major lenders. The move indicates "policymakers' worries about liquidity", Sun said.

But the West's gloomy economic outlook is likely to limit further tightening by China, Moody's Analytics Senior Economist Matt Robinson said. "Weak job growth in the US and fiscal austerity in Europe will dampen near-term consumer demand for Chinese exports."

Moody's Analytics expects no sharp tightening by authorities in 2010's final months.

"The government will (instead) try to strike a balance between insulating China's economy from global weaknesses and keeping the domestic housing market from rebounding," Robinson said.

主站蜘蛛池模板: 新巴尔虎左旗| 尚志市| 顺平县| 丹凤县| 平乡县| 龙口市| 茂名市| 神木县| 顺平县| 台中市| 精河县| 平凉市| 北流市| 湘潭市| 沅陵县| 通山县| 宜黄县| 闽侯县| 徐州市| 邢台市| 格尔木市| 油尖旺区| 平安县| 郴州市| 武宁县| 甘南县| 报价| 安多县| 花垣县| 旌德县| 乾安县| 鄂温| 黄平县| 团风县| 乌拉特后旗| 巍山| 六枝特区| 枣庄市| 北辰区| 饶平县| 望奎县|