www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Center

$200b special T-bonds to tap forex reserves

By Xin Zhiming (China Daily)
Updated: 2007-06-28 08:23
Large Medium Small

The national legislature Wednesday debated a draft bill authorizing the Ministry of Finance (MOF) to sell 1.55 trillion yuan ($200 billion) of special treasury bonds to finance the proposed foreign exchange investment company.

The funds raised will be used to buy $200 billion of the country's total of $1.2 trillion foreign exchange reserves from the central bank, and invested overseas.

The bill, submitted by the State Council to the National People's Congress Standing Committee, is expected to be approved.

The government decided earlier this year to establish a sovereign wealth management fund to dilute its whopping foreign exchange reserves.

Minister of Finance Jin Renqing yesterday told lawmakers that the issue - the country's biggest - will help "reduce the size of China's forex reserves" and "improve the returns on forex assets".

According to official figures, by the end of March, forex reserves had reached $1.202 trillion, up $135.7 billion from the end of 2006.

Explaining the massive scale of the issue, Jin said China's forex reserves were likely to continue to rise, and the central bank will face more pressure in coping with excessive liquidity even after recent measures to reduce currency in circulation.

The bonds will help domestic enterprises do business abroad and enhance national economic competitiveness, Jin said.

Related readings:
$200b special T-bonds to tap forex reserves China's forex to invest in Blackstone$200b special T-bonds to tap forex reserves China considers bond sale to buy forex
$200b special T-bonds to tap forex reserves China to keep 'bulk' of forex in dollars
$200b special T-bonds to tap forex reserves Special bonds not impact stocks

Details of the issue, such as whether the bonds will be issued directly to the central bank or sold in the domestic market, are not available.

Analysts agree the $200 billion bonds would be long-term and issued in tranches with the interest rate expected to be in line with market levels.

"The news is obviously encouraging for the international market," said Chen Xingdong, chief economist of BNP Paribas Peregrine Securities. "The money may be used (overseas) to buy blue-chip companies or formergers andacquisitions."

For the domestic market, however, it could have a negative impact, he told China Daily.

"Although within market expectations, it is still bad news as it will divert a huge amount of money from the domestic market."

Analysts said the central bank and the Ministry of Finance must coordinate carefully to avoid adverse effects on the money market.

"The central bank would have to work closely with MOF on this, otherwise money market rates could go haywire," said Stephen Green, chief economist with Standard Chartered Bank (China). "We expect the central bank to draw back on its own bill issuance program... allowing the authorities to issue the special bonds."

The State foreign exchange company, still in an embryonic stage, has already spent $3 billion for a 10 percent stake in Blackstone, a USprivate equitygroup.

This is seen as a sign of change from the previous strategy of investing most of the foreign exchange reserves in safe US treasuries.

Since the market situation is changing, it is normal for China to invest some of its reserves in riskier but more profitable portfolios, said Zhao Xijun, finance professor at Renmin University of China.

分享按鈕
主站蜘蛛池模板: 一级做a爰片毛片 | 国内精品久久久久影院网站 | 极品美女户外勾搭无套 | 亚洲国产激情 | 免费一级a毛片在线播放视 免费一级α片在线观看 | 一级片大全 | 国产精品久久免费视频 | 欧美激情一区二区亚洲专区 | 韩国a级毛片 | 国产成人综合亚洲一区 | 在线观看va| 久久久国产免费影院 | 8050网午夜一级毛片免费不卡 | 在线观看中文字幕亚洲 | 全免费a级毛片免费毛视频 全午夜免费一级毛片 | 免费国产成人高清在线观看视频 | 国产一区二区三区四区五区 | 狠狠色丁香久久婷婷综合_中 | 国产一区二区三区日韩 | 色天天躁夜夜躁天干天干 | 国产精品99久久久久久宅男 | 1a级毛片免费观看 | 欧美一级毛片免费大片 | 国产日产欧美精品一区二区三区 | 热99re久久精品2久久久 | 九九色网站 | 理论在线看| 成人满18在线观看网站免费 | 国产欧美日韩一区 | 成人满18在线观看网站免费 | 日韩精品特黄毛片免费看 | 性亚洲精品 | 99在线播放视频 | 日韩在线视频网址 | 特级a做爰全过程片 | 欧美午夜在线观看理论片 | 看真人视频a级毛片 | www.av在线 | 一级做a爰片久久毛片苍井优 | 免费一级a毛片 | 亚洲一区 欧美 |