--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar


Hot Links
China Development Gateway
Chinese Embassies


SAFE: Country Not Reducing US Dollar Holdings

China refuted rumors on Friday that it had been dumping US dollar-denominated assets from its massive foreign exchange reserves.

The rebuttal by the nation's forex regulator was a direct response to recent reports in overseas media that the nation was reducing US dollar holdings due to the greenback's persistent slide.

"Those reports were utterly groundless," said a spokesman for the State Administration of Foreign Exchange (SAFE).

"China is a highly responsible investor in the international market," he continued. "China has always been protective of the security and stability of the international market on a voluntary basis, and will never participate in exchange rate speculative trading."

The currency allocation of China's forex reserves is based on factors such as the needs of its economic growth, foreign trade payments, foreign debt structure as well as capital market conditions.

"We pay a lot of attention to the tendencies of the international foreign exchange market, but will not adjust our currency mix to follow short-term market fluctuations," the spokesman said.

The US dollar slid substantially against major currencies in recent months. It has depreciated 30-40 percent against the euro and 10-20 percent against the Japanese yen since 2002.

The dollar's depreciation has also prompted worries that it had subsequently resulted in huge losses to China's forex reserves, which SAFE also dismissed.

China's forex reserves jumped by 27 percent in the first three quarters of this year to US$514.5 billion. Sixty to 70 percent of the money is commonly estimated to be held in US dollar-denominated assets.

China has developed a relatively mature mechanism to manage its forex reserves under the principles of "safety, liquidity and appreciation," and exchange rate changes will not result in any real gains or losses until currency conversion occurs, the SAFE spokesman said.

The Chinese government has fully considered its external payment needs when deciding the currency mix of its forex reserves, he said.

"So there is no possibility of China converting US dollars into other currencies due to a lack of real payment methods, and therefore incur conversion losses."

In sharp contrast to the 1980s and early 1990s when China's foreign exchange incomes were tightly controlled as a rare resource, the rapid increase in forex reserves in recent years have led to growing speculation among some economists over the need to keep such a large pool of foreign exchange.

But the SAFE spokesman refuted that point of view on Friday, saying the ultimate goal of holding forex reserves is to safeguard a nation's macroeconomic stability, maintain the credibility of the government and its enterprises, as well as boost international confidence in the Chinese economy and currency.

(China Daily December 11, 2004)

Firms Allowed to Keep More Foreign Currency
Citizens Buy More Foreign Currency
Citibank to Sell Foreign Currencies to Chinese
Chinese Have Easier Access to Foreign Exchange Deals
Forex Reserves Exceed US$242.7 Billion
China Enacts New Measures on Currency Control
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688
主站蜘蛛池模板: 美女的胸又黄又www网站免费| 亚洲一级毛片在线观| 色婷婷综合在线| 在线观看亚洲人成网站| 中文在线日本免费永久18近| 日韩人妻一区二区三区蜜桃视频| 免费成人激情视频| jizz日本黄色| 国产色诱视频在线观看| babes性欧美高清| 岛国在线播放v片免费| 中文字幕在线看片| 日本乱人伦电影在线观看| 亚洲精品15p| 男人操心女人的视频| 国产在线精品一区二区| www五月婷婷| 天堂在线免费观看mv| 一区二区三区无码视频免费福利| 我要看特级毛片| 久久91亚洲精品中文字幕| 日本老熟老太hd| 亚洲欧美日韩中文字幕一区二区三区 | 色婷婷丁香六月| 国产精品亚洲欧美日韩久久| 99re免费99re在线视频手机版| 天堂网www在线资源中文| www中文字幕在线观看| 孩交精品xxxx视频视频| 一级特级黄色片| 御书宅自由小说阅读无弹窗| 中文字幕人成乱码中文乱码| 搡女人免费免费视频观看| 久久99精品国产麻豆不卡| 日日碰狠狠添天天爽无码| 久久久精品人妻一区二区三区| 日本毛茸茸的丰满熟妇| 久久人人爽人人爽人人av东京热| 欧美视频在线网站| 吃女邻居丰满的奶水在线观| 美女视频内衣脱空一净二净|