加拿大外贸
China's build up of FX reservesChina's foreign exchange reserves rose by $154bn during the first quarter, a record even by the country's own impressive standards. Yet there are some clues that this may understate the build up of foreign assets, in turn suggesting “hot money” flows into China have accelerated and that holding down the exchange rate is getting harder.
China has not yet published a full set of current and capital accounts for the first quarter. That leaves the reserves number as the best proxy. There are two reasons to believe that it understates the position. First, the People's Bank of China is transferring funds to China Investment Corp, the fledgeling sovereign wealth fund with a $200bn kitty. The timing is unclear, but economists estimate that up to $100bn of that target could have been shifted to CIC in the first quarter.
Second, the PBoC's accounts give some clues that further piles of foreign exchange are being parked at commercial banks. “Other foreign assets”, a line item on the central bank's accounts that has barely budged in four years, began rising in August last year. Anecdotal evidence suggests commercial banks may be meeting PBoC reserve requirements by accumulating foreign currency. Stone & McCarthy estimate that 75 per cent of the rise in reserve requirements may have been dollar denominated. On that basis, reserve hikes in January and March meant about $42.5bn further accumulation of foreign assets in the first quarter.
There are other complicating factors. It is unclear, for example, how much marked-to-market gains are included in the reserves figure. But all in, the actual rate of reserves accumulation in the first quarter might be up to $100bn higher than the published number suggests. There is reason to be spooked by this. Rising hot money inflows, which are largely a bet on renminbi appreciation, show that Beijing's capital controls are inadequate. Already China's claims on the US equate to about one-third of China's gross domestic product, estimates economist Brad Setser. How much longer it can accumulate foreign assets to absorb inflows is questionable.
评论
这是？
加拿大电商我的客户需要从非洲免关税国家进口一些商品，所谓的免关税是不是也不用交增值税。 如果要交增值税，增值税的税率是多少？ 菜鸟向各位前辈请教了。 评论 关税与增值税是俩个税种 加拿大电商Hallo, bitte schicken Sie uns mehr info uber die QT8-15- Machine MfG Alfredo 评论 晕死 是德语 你去德语区问问吧 评论 要你关于QT8-15- 这个型号机器的信息 评论 跟你要关于QT8-15- 这个型号机器的资料信息
·加拿大新闻 看到快买加国Costco新晋爆款刷屏
·加拿大新闻 从追面子到享自我，宝马购车观转变
·加拿大新闻 每周连轴转80小时加拿大医生自爆行业黑幕
·加拿大新闻 万锦、Newmarket多家奶茶店/美甲店/理发店被指控+开罚单
·加拿大新闻 移民急刹车见效！加拿大人口首次出现历史性大幅下降
·中文新闻 一名男子因推动反犹太复国主义而在悉尼市议会市长的长篇大论
·园艺 蒜黄和蒜芽