日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

  Home>News Center>Bizchina
       
 

PBOC spends more in forex intervention
(Shenzhen Daily-Agencies)
Updated: 2005-03-02 14:58

China's central bank said Tuesday it spent 1.61 trillion yuan (US$195 billion) buying foreign currency last year to maintain the yuan peg against the US dollar, a rise of 40 percent over 2003.

As a result of the intervention, the central bank was forced to drain a net 669 billion yuan from the banking system via open market operations last year — more than double the 282 billion yuan drained in 2003.

“The huge amount of base money in the market ... has made the central bank face strong pressure to manage money flow and tweak base money supply,” the People’s Bank of China said in a report posted on its Web site.

China has managed the yuan in a razor-thin range of 8.276 to 8.28 against the US dollar since the Asian financial crisis in 1997/1998, but the currency is under pressure to rise because of heavy speculative and investment inflows.

The government is under pressure from the United States and other developed economies to let the yuan appreciate. They say the currency is undervalued, giving Chinese exporters an unfair advantage in world export markets.

Turnover on the China Foreign Exchange Trade System, which trades US dollars, the Japanese yen, the euro and Hong Kong dollars against the yuan, jumped 38 percent to a record US$209.04 billion last year — the highest since the market was established a decade ago, exchange data showed.

Strong trade surpluses and a heavy inflow of foreign investment has left the market flush with foreign exchange over the past five years and market players say the central bank was virtually the only buyer of surplus hard currency on the market.

The nation’s foreign exchange reserves hit a record US$610 billion at the end of 2004, up US$206.7 billion from a year earlier, official data showed.

In addition, the central bank is coping with billions of dollars in hot money flowing into China betting on an appreciation of the yuan.

China has resisted foreign pressure to free up the yuan but has promised to make the currency more flexible over time through gradual reform.

Keen to relieve pressure on the currency, China will cut its growing balance of payments surplus by letting more foreign currency leave the country, domestic media cited the nation’s foreign exchange chief as saying Monday.

Analysts say the government is more concerned with the country’s overall macroeconomic health than the cost of offsetting the impact of surging foreign reserves.

The government made open-market operations an increasingly important tool last year to tweak the supply of funds in the banking system, which had fuelled lending and stoked inflationary fears in the world’s seventh-biggest economy.

Total turnover in the central bank’s open-market operations jumped to 1.997 trillion yuan last year, it said in the annual report, up from 1.209 trillion yuan in 2003 and 364 billion yuan in 2002.



 
  Story Tools  
   
  Related Stories  
   
China to open capital account in 2005
Manufacturers, Exporters, Wholesalers - Global trade starts here.

 

Advertisement
         
主站蜘蛛池模板: 国产三级精品三级观看 | 97精品国产97久久久久久粉红 | 在线免费激情视频 | 99久久婷婷国产综合 | 亚洲网站在线 | www日韩 | av手机在线免费观看 | 久久精品99久久久久久 | 我要看免费的毛片 | 中文字幕日本一区 | 日韩一级二级三级 | 精品久久伊人 | 午夜激情视频在线观看 | 国产成人精品一区二区三区福利 | 九九激情网 | 粉嫩欧美一区二区三区 | 国产精品国产 | 自拍偷拍视频网站 | 99亚洲欲妇 | 日韩欧美激情视频 | 亚洲天堂色图 | 欧美最猛黑人xxxx黑人猛交 | 国产原创视频在线观看 | 免费观看亚洲 | 午夜婷婷网 | 亚洲精品久久久久久 | 日本一区二区三区在线观看视频 | 欧洲中文字幕 | 欧美成人黄色网 | 亚洲精品色图 | 警花观音坐莲激情销魂小说 | 中文字幕播放 | 成年人三级网站 | 伊人久久在线观看 | 亚洲综合在线视频 | 黄色大片在线播放 | 精品免费一区二区 | 综合婷婷 | 久草视频国产 | 中国字幕在线观看免费国语版 | 国产视频一区二区三区在线观看 |