.contact us |.about us

Highlights ... ...
Search:
    Advertisement
Forex investment in bonds still far away
( 2003-07-08 10:26) (China Daily )

A plan to allow some large Chinese companies to buy overseas bonds with their foreign-exchange holdings was only at a very early stage of consideration, an official with the State Administration of Foreign Exchange said.

"It was not a key issue in our work this year," said the official, who refused to be identified.

Under existing policy, Chinese companies are not allowed to buy overseas bonds with their foreign-exchange holdings, she said.

Media reports have said the plan aims to alleviate the increasing pressure for the yuan's revaluation.

"Policies relating to the plan are likely to be announced within the next few months," one report said.

Niu Li, a senior economist with the State Information Centre, said the government needs to map out such a plan.

"The country has too much reserves of foreign exchange," he said.

By the end of May, the country's foreign-exchange reserves exceeded US$340 billion.

The large amount plays an important role in keeping China safe but it increases the country's financial burden, Niu said.

It also increases the pressure to revalue the yuan, he said.

Wang Zhao, a researcher with the State Council's Development Research Centre, said the plan, if carried out, could help the country reduce the likelihood of inflation.

The government has spent a large amount of domestic currency to buy foreign exchange, Wang said.

"This will further increase the domestic money supply, which has already grown at a fast pace," he said.

The M2 money supply - which includes cash in circulation, deposits and personal savings - was up 20.2 per cent at the end of May from a year earlier.

This was the fastest annual rate in more than five years.

Economist Wang Chuanglian of China Southern Securities said: "There are signs of overheating in some sectors. There has been strong growth in raw-material industries such as steel and energy.

"If the money supply keeps surging, the central bank may step up open-market operations to tighten credit or the government may start taking stronger steps such as raising interest rates."

The People's Bank of China has issued 215 billion yuan (US$25.9 billion) in short-term commercial bills to domestic banks in open-market operations since late April to soak up excess cash in a sign of growing concern about inflationary pressure.

After boosting the money supply to keep the economy growing quickly and to fight the deflation that emerged during the Asian financial crisis of 1997-98, the central bank began tightening credit through the open market a year ago.

It soaked up 246.75 billion yuan (US$29.7 billion) in the second half of last year, compared with an injection of 260 billion yuan (US$31.3 billion) in 1998 and 1999 combined.

China's consumer price index edged up 0.7 per cent in May from the same month last year, leaving it below the 1 per cent threshold that some experts say is where the real threat of inflation begins.

   
Close  
  Go to Another Section  
     
 
 
     
  Article Tools  
     
  E-Mail This Article
Print Friendly Format
 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved  
主站蜘蛛池模板: 一女多男np疯狂伦交| 亚洲欧美精品一中文字幕| 高潮毛片无遮挡高清免费视频| 国产色婷婷五月精品综合在线| 一级毛片视频免费观看| 日本一区二区三区四区| 久草福利资源网站免费| 欧美多人换爱交换乱理伦片| 亚洲色图狠狠干| 精品伊人久久大香线蕉网站| 国产www视频| 青青草原综合网| 国产成人精品一区二三区| 16女性下面扒开无遮挡免费| 国内精品久久久人妻中文字幕| xx00动态图| 成av免费大片黄在线观看| 久激情内射婷内射蜜桃| 欧美人与zoxxxx视频| 亚洲欧美四级在线播放| 男人j插入女人p| 凹凸导航第一福利| 老子影院在线观看| 国产乱子伦精品无码码专区| 鲁大师成人一区二区三区| 国产特级毛片aaaaaa| 综合网激情五月| 国产精品高清尿小便嘘嘘 | 猫咪免费人成在线网站| 再深点灬舒服灬太大了岳| 美国十次啦大导航| 国产91在线九色| 花季app色版网站免费| 国产亚洲高清不卡在线观看| 颤声娇是什么意思| 国产女人高潮视频在线观看| 国产在线精品香蕉麻豆| 国产日韩美国成人| 亚洲精品你懂的| 国产精品一卡二卡三卡| 全黄大全大色全免费大片|