China's foreign exchange reserves rose by $154bn during the first quarter, a record even by the country's own impressive standards. Yet there are some clues that this may understate the build up of foreign assets, in turn suggesting “hot money” flows into China have accelerated and that holding down the exchange rate is getting harder.
the PBoC's accounts give some clues that further piles of foreign exchange are being parked at commercial banks. “Other foreign assets”, a line item on the central bank's accounts that has barely budged in four years, began rising in August last year. Anecdotal evidence suggests commercial banks may be meeting PBoC reserve requirements by accumulating foreign currency. Stone & McCarthy estimate that 75 per cent of the rise in reserve requirements may have been dollar denominated. On that basis, reserve hikes in January and March meant about $42.5bn further accumulation of foreign assets in the first quarter.作者: 水晶海 时间: 2008-4-26 11:50
还有其它一些复杂的因素。例如，目前尚不清楚，外汇储备数据中包括多少以市价标价的增加额。但总之，今年第一季度外汇储备的实际增加额，可能比公布的数字高出多达1000亿美元。人们有理由对此感到担心。热钱流入的不断加速表明，中国政府的资本管制是不够的。这些热钱主要是押注人民币升值。经济学家布拉德•塞斯特(Brad Setser)估计，中国的外汇储备已占中国国内生产总值(GDP)的三分之一左右。在累积外国资产以吸收资金流入方面，中国还能坚持多久，这一点令人感到怀疑。
There are other complicating factors. It is unclear, for example, how much marked-to-market gains are included in the reserves figure. But all in, the actual rate of reserves accumulation in the first quarter might be up to $100bn higher than the published number suggests. There is reason to be spooked by this. Rising hot money inflows, which are largely a bet on renminbi appreciation, show that Beijing's capital controls are inadequate. Already China's claims on the US equate to about one-third of China's gross domestic product, estimates economist Brad Setser. How much longer it can accumulate foreign assets to absorb inflows is questionable.作者: qq33119392 时间: 2008-5-13 17:08
提示: 作者被禁止或删除 内容自动屏蔽作者: zyyue0915 时间: 2008-5-13 17:13
提示: 作者被禁止或删除 内容自动屏蔽作者: hangming 时间: 2008-5-14 17:48 标题: 国际财务英语-IFE 国际财务英语-IFE
CONTENTS:
Day 1：How to Compile Financial Analysis财务报表分析与财务报告撰写
Day 2：Income Statement 损益表
Balance Sheet 资产负债表
Cash Management and Control 现金流管理
Day 3：Fundament of Corporate Financing 基础的企业融资
Capital Budgeting 资本融资
Risk and Return 风险和回报
Day 4：Asset Management 资产管理
Cash Flow and Funds Management现金流量和资金管理
Day 5：Merger Acquisition and Financial Reconstruction 并购和金融重建
Financial Reconstruction 金融重建
Day 6：Risk Management风险管理
Foreign Exchange Market 外汇市场
Foreign Direct Investment 外商直接投资
CONTENTS:
Day 1：How to Compile Financial Analysis财务报表分析与财务报告撰写
Day 2：Income Statement 损益表
Balance Sheet 资产负债表
Cash Management and Control 现金流管理
Day 3：Fundament of Corporate Financing 基础的企业融资
Capital Budgeting 资本融资
Risk and Return 风险和回报
Day 4：Asset Management 资产管理
Cash Flow and Funds Management现金流量和资金管理
Day 5：Merger Acquisition and Financial Reconstruction 并购和金融重建
Financial Reconstruction 金融重建
Day 6：Risk Management风险管理
Foreign Exchange Market 外汇市场
Foreign Direct Investment 外商直接投资