国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

   

Nation to explore, expand use of forex reserves

(Xinhua)
Updated: 2007-01-21 09:45

Related readings:
 Forex reserve in China reaches $1.07 trillion
 New banking reserve ratio hike shows anxiety about excessive liquidity
 China to set quota for foreign-exchange by individuals
 China should increase gold holdings

Chinese Premier Wen Jiabao said that China would steadily push forward the foreign exchange rates reform and actively explore and expand the use of its US$1.06-trillion foreign exchange reserves.

China would strengthen operation and management of foreign exchange reserves and facilitate the balance of international payment, said Wen at the two-day Third National Financial Work Conference.

The closed-door meeting was designed to chart the course of China's financial sector.

On Monday, the People's Bank of China (PBOC), or central bank, announced that its foreign reserves, already the world's largest, hit US$1.0663 trillion at the end of last year, up US$247.3 billion from the end of 2005.

China's foreign exchange reserves have been increasing rapidly on the back of a surging trade surplus and rising foreign direct investment.

Analysts claim that the US$1.06-trillion reserve could buy Microsoft, Citibank and Exxon Mobil Corp as well as General Motors and Ford.

At present, the State Administration of Foreign Exchange is in charge of investing much of China's foreign exchange reserves, mainly in US treasury bonds and other high-quality assets.

The fast accumulation of foreign reserves is an indication of China's growing economic strength, but it has also put China under more pressure from trading partners to appreciate the yuan faster and face increase trade friction, said Prof Zhang Liqing with the Central University of Finance and Economics.

As foreign reserves rise, there are calls for using part of the money to purchase advanced technologies and equipment, to replenish social security fund, or to develop social undertakings of education, medical care, environmental protection.

But such suggestions fail to understand the fact that China's foreign reserves keep increasing as the central bank buys massive amounts of dollars in the open market to only allow gradual yuan appreciation, analysts say.

"The foreign reserves are not treasury capital, but liabilities of the central bank, which means they cannot be used wishfully," said Prof Zhao Xijun with the People's University.

China needs foreign exchanges to meet its payment requirement for import and export. Apart from that, the surplus should be best allocated and invested to achieve highest returns, said Lin Yifu, a renowned economist from Peking University's China Center for Economic Research.

He stressed that any use of foreign reserves have to be fully discussed and carried out in a very prudent way.

"To actively explore and expand channels of using foreign reserves will be a major point in future work," he said.


(For more biz stories, please visit Industry Updates)



峡江县| 镇坪县| 息烽县| 体育| 子洲县| 临沧市| 凤冈县| 隆安县| 凤台县| 历史| 成都市| 高密市| 高清| 都江堰市| 横峰县| 徐水县| 揭阳市| 曲沃县| 桐梓县| 青浦区| 安顺市| 开原市| 彭山县| 沽源县| 龙川县| 肃南| 南雄市| 社会| 临沭县| 宁陕县| 南京市| 名山县| 三江| 资溪县| 江川县| 柳林县| 文登市| 都江堰市| 应用必备| 舒城县| 宾阳县|