中国外汇储备超过1.2万亿美元

　　

　　
  
　　中国外汇储备今年第一季度继续迅猛增长，达到1.202万亿美元。在此之前，中国已经是全球最大的外汇储备国。

　　中国的央行——中国人民银行(PBoC)宣布今年第一季度外汇储备增长1357亿美元，是去年全年2473亿美元增加量的一半还多，但没有解释其中的原因。

　　略低于半数的新增外汇储备可以用以下两个因素来解释：今年一季度，中国贸易顺差为464亿美元，外国直接投资(FDI)约为150亿美元。

　　然而，除了贸易顺差和投资外，今年以来每个月还有250亿美元的资金流入中国。

　　对于资金的大幅增长，最常见的解释是：据称，中国央行去年为了将资金留在海外而与各商业银行安排了一系列货币掉期交易，而这些交易目前正逐渐到期。

　　美国银行(Bank of America)驻香港的王庆(Qing Wang)表示，政府部门为控制经济增速在去年下半年采取了宏观经济调控措施，最近对宏观调控的放松，也可以解释外汇储备增长的原因。

　　以减少信贷为核心的宏观调控措施，可能促成了各银行以持有外国债券的形式将资金放在海外，以获取比放在国内更高的收益。

　　反过来，最近宏观调控的放松则意味着，各银行为便于放贷，可能已将资金调回国内。

　　王庆表示：“虽然在国际收支中，两者（掉期交易的到期和银行将资金调回国内）均计为资金流入，但我们并不认为它们是真正的外资流入。”

　　“相反，我们认为，它们反映的是中国金融机构所拥有的国外资金的汇回。”

　　另一个可能的因素是人民币缓慢但持续的升值，这可能吸引了“热钱”流入中国。

　　译者/ 陈家易


　　CHINA'S FOREIGN EXCHANGE FUNDS SOAR

  
　　By Richard McGregor in Beijing
　　Friday, April 13, 2007
  
　China's stock of foreign exchange reserves, already the world's largest, surged in the first quarter of this year to $1,202bn (£608bn, �95bn), adding in three months more than half the total increase of 2006.

　The People's Bank of China, the central bank, offered no explanation for the rise in reserves of $135.7bn for the January quarter, compared with the increase of $247.3bn for the whole of last year.

　Just under half of the increase in reserves can be explained by two factors: the trade surplus for the first quarter, which was $46.4bn, and foreign direct investment (FDI) of about $15bn.

　However, on top of the trade surplus and investment, another $25bn of funds have flowed into China every month so far this year.

　The most common explanation offered for the surge in funds is the unwinding of currency swaps that the PBoC is said to have arranged last year with Chinese commercial banks to keep funds offshore.

　Qing Wang of the Bank of America in Hong Kong said a recent easing of macroeconomic controls used by the authorities in the second half of last year to damp the economy could also explain the rise.

　The macro controls, which were focused on cutting lending, could have given banks an incentive to place funds offshore in foreign bonds, earning more money than if they had been left at home.

　In turn, the recent easing means the banks may have brought the money back onshore to make it available for lending.

　“While both [the unwinding of the swaps and the banks bringing money home] are recorded as capital inflows in external balance of payments, we do not believe they are capital inflows from genuine foreign sources,” said Mr Wang.

　“We instead believe they reflect repatriation of foreign funds owned by Chinese financial institutions.”

　Another possible factor is the slow but gradual strengthening of China's currency, the renminbi, which may be attracting “hot money” to China.


　　http://www.ftchinese.com/sc/stor ... =1&loc=HOMEPAGE

　　中国外汇储备超过1.2万亿美元

　　
　　英国《金融时报》马利德(Richard McGregor)北京报道
　　2007年4月13日 星期五
  
　　中国外汇储备今年第一季度继续迅猛增长，达到1.202万亿美元。在此之前，中国已经是全球最大的外汇储备国。

　　中国的央行——中国人民银行(PBoC)宣布今年第一季度外汇储备增长1357亿美元，是去年全年2473亿美元增加量的一半还多，但没有解释其中的原因。

　　略低于半数的新增外汇储备可以用以下两个因素来解释：今年一季度，中国贸易顺差为464亿美元，外国直接投资(FDI)约为150亿美元。

　　然而，除了贸易顺差和投资外，今年以来每个月还有250亿美元的资金流入中国。

　　对于资金的大幅增长，最常见的解释是：据称，中国央行去年为了将资金留在海外而与各商业银行安排了一系列货币掉期交易，而这些交易目前正逐渐到期。

　　美国银行(Bank of America)驻香港的王庆(Qing Wang)表示，政府部门为控制经济增速在去年下半年采取了宏观经济调控措施，最近对宏观调控的放松，也可以解释外汇储备增长的原因。

　　以减少信贷为核心的宏观调控措施，可能促成了各银行以持有外国债券的形式将资金放在海外，以获取比放在国内更高的收益。

　　反过来，最近宏观调控的放松则意味着，各银行为便于放贷，可能已将资金调回国内。

　　王庆表示：“虽然在国际收支中，两者（掉期交易的到期和银行将资金调回国内）均计为资金流入，但我们并不认为它们是真正的外资流入。”

　　“相反，我们认为，它们反映的是中国金融机构所拥有的国外资金的汇回。”

　　另一个可能的因素是人民币缓慢但持续的升值，这可能吸引了“热钱”流入中国。

　　译者/ 陈家易


　　CHINA'S FOREIGN EXCHANGE FUNDS SOAR

  
　　By Richard McGregor in Beijing
　　Friday, April 13, 2007
  
　China's stock of foreign exchange reserves, already the world's largest, surged in the first quarter of this year to $1,202bn (£608bn, �95bn), adding in three months more than half the total increase of 2006.

　The People's Bank of China, the central bank, offered no explanation for the rise in reserves of $135.7bn for the January quarter, compared with the increase of $247.3bn for the whole of last year.

　Just under half of the increase in reserves can be explained by two factors: the trade surplus for the first quarter, which was $46.4bn, and foreign direct investment (FDI) of about $15bn.

　However, on top of the trade surplus and investment, another $25bn of funds have flowed into China every month so far this year.

　The most common explanation offered for the surge in funds is the unwinding of currency swaps that the PBoC is said to have arranged last year with Chinese commercial banks to keep funds offshore.

　Qing Wang of the Bank of America in Hong Kong said a recent easing of macroeconomic controls used by the authorities in the second half of last year to damp the economy could also explain the rise.

　The macro controls, which were focused on cutting lending, could have given banks an incentive to place funds offshore in foreign bonds, earning more money than if they had been left at home.

　In turn, the recent easing means the banks may have brought the money back onshore to make it available for lending.

　“While both [the unwinding of the swaps and the banks bringing money home] are recorded as capital inflows in external balance of payments, we do not believe they are capital inflows from genuine foreign sources,” said Mr Wang.

　“We instead believe they reflect repatriation of foreign funds owned by Chinese financial institutions.”

　Another possible factor is the slow but gradual strengthening of China's currency, the renminbi, which may be attracting “hot money” to China.


　　http://www.ftchinese.com/sc/stor ... =1&loc=HOMEPAGE