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fantasy fashion jewelry wholesale The large number of central bank purchases of US Treasury bonds will not lead to increased domestic liquidity.
Analysis of the reasons for the increase of U.S. Treasury bonds
(1) Source of funds — Fortunately increased foreign exchange reserves in reform and opening up
n to analyze that the more Chinese foreign exchange reserves, the more US Treasury bonds hold, that is, China's important way to use foreign exchange reserves is to purchase U.S. Treasury bonds. From 2001 to 2008, about 40%of the
of China in China existed in the form of US Treasury bonds. So in the long run, there is a stable proportion relationship between China's foreign exchange reserves and holding US Treasury bonds. However, since the reform and opening up, the export -oriented economy characterized by trade with "rewarding restrictions" and funds
has caused the rapid and rapid growth of China's foreign exchange reserves in recent years. There will be more foreign exchange reserves to buy US Treasury bonds.
(2) The security and liquidity of US Treasury bonds
The financial crisis leads to the strong position of the US dollar into crisis. However, the performance of the euro, pounds, and yen is weaker, so these currencies can still not replace the international status of the US dollar. When facing a financial crisis worldwide, China
Meely realized that US Treasury bonds are relatively insurance investment products. U.S. Treasury bond capacity, strong demand, active transaction, strong liquidity, and high returns. If you reduce the US dollar assets to increase holdings of other currency assets, it can only lead to large book losses in the market value of the reserve market Essence
(3) Reserve structure — cannot buy gold, oil, etc.
The foreign exchange reserve in China not only contains money that foreign investment comes to China and
The foreign debt owed by China, but also includes international tourism capital. And trade surplus. Even in the trade surplus, it is not all exported by domestic enterprises, and a large part of them belong to multinational enterprises. From 2001 to 2006, more than
.5 million foreign-invested enterprises were promoting the rapid development of China's economy, and its total exports had accounted for more than half of China's exports for 5 consecutive years. Therefore, in order to maintain normal economic order, foreign exchange reserves must meet
The regular exchange needs of foreign and internal businessmen. Therefore, China cannot use most foreign exchange reserves to purchase real objects such as gold, petroleum and minerals.
(4) deleveraging — a large amount of capital re -inflow into the United States
In the financial crisis, deleveraging has become a hot word. Now major financial institutions in the world (including Chinese financial institutions) The deleveraging process has been started, causing a large number of short -term international capital to return to the United States. In addition,
Since U.S. Treasury bonds are still the most liquid assets in the current international financial market, a large number of short -term international capital has re -inflow into the United States to invest in U.S. Treasury bonds. On the one hand, it will cause a decline in the level of short -term national debt yields in the United States. In addition,
will cause the US dollar to appreciate compared to other major currencies. Therefore, increasing holdings of US Treasury bonds has become an inevitable choice for China.
(5) Sales and sale -government control cross -border capital flow
Under the condition of mandatory foreign exchange and sales, companies must sell foreign exchange to designated commercial banks, and commercial banks will be in the foreign exchange market The foreign exchange that will be sold for more than an inch limit is sold to the central bank. While obtaining foreign exchange, the central bank must increase the phase
It can be said that foreign exchange is obtained by the central bank through the increase of currency issuance from enterprises and individuals, so foreign exchange reserves have become the central bank's assets. This meets the government's control of cross -border capital flows, and the government
The foreign exchange reserves in the hands of the government have to invest in overseas markets. US Treasury bonds are relatively suitable investment products. Therefore Essence
(6) Other purposes — the internationalization process of the RMB
The internationalization of RMB refers to the RMB can cross national borders and circulates overseas process. After the financial crisis, China still continued to increase its holdings of US Treasury bonds
The reason is the internationalization of RMB. The international reputation at this stage is still based on the huge foreign exchange reserves and huge U.S. Treasury bonds. China can maintain the international
reputation of the RMB through a large number of US dollar Treasury bonds, and take a big step for the internationalization of the RMB.
(7) Sino -US relations — a glory of one glory, one damage is damaged
. Now, the United States is the largest importer of Chinese goods, and China is the largest
creditors in the United States. The United States can maintain China's export growth, and China can maintain pre -consumption in the United States. China's stopping purchasing or selling U.S. Treasury bonds will lead to a significant increase in yields in U.S. Treasury bonds and the plunge in prices, which will bring huge book losses to China. Once China reduces its holdings of US Treasury bonds, the United States will print more US dollars for rescue, so the US dollar depreciates, and the depreciation of the US dollar will cause China's foreign exchange reserves to shrink, and China will further reduce the holding of US Treasury bonds. Malignant cycle.
(8) Political factors — Improve China ’s international status
The increase in US Treasury bonds in China is not only economic, but also political causes. History shows that after the global economic crisis or financial crisis, the world will establish a new international order. After the financial crisis, none of the economies could replace the US role regardless of Europe, China or Japan.
The system of China and the United States has different systems in recent years. In recent years, China has risen rapidly. It has formed challenges and threats to the United States -led Western countries. Therefore, the United States has hovering with China. At this time, China increased its holdings of US Treasury bonds and assisted the United States to save the market.
has occupied moral advantages. China and the United States can establish good international relations, which is conducive to improving China's strength and international status.
The risk of increasing holdings of US Treasury bonds
(1) Risk of retraction of government bonds
It since the outbreak of the subprime mortgage crisis, the addition of government bonds has been the most important way for the US government. In 2007, the net issuance of US Treasury bonds was US $ 549 billion, which rose to $ 1.47 trillion in 2008. Once the supply volume of new Treasury bonds exceeds its market demand, the yield of new Treasury bonds will increase significantly, and the value of the existing government bond market will shrink.
(2) The risk of depreciation of the dollar in the dollar
March 18, 2009, the Fed announced that it will purchase 300 billion US dollars long -term Treasury bonds in the next 6 months. This increases the risk of inflation and the US dollar depreciation in the United States. Since the outbreak of the subprime mortgage crisis, the scale of the asset liabilities of the United States
has grown rapidly. As the Fed's capital has not changed, the expansion of its balance sheet means that it is constantly injecting liquidity into the market. Once the U.S. economy has picked up, investors'
risk appetite will increase, and liquidity will accelerate to credit and general currencies. At this time, the Fed cannot withdraw liquidity from the currency market in time, so inflation will follow, and the US dollar will depreciate.
(3) The risk of debt repayment
in recent years, the United States has been relying on the issuance of government bonds to make up for its huge financing gap. With the outbreak of the financial crisis and the development of large -scale rescue, US debt burden is even more heavy. The White House Budget Management Office predicts that the 2010 fiscal
The US financial deficit is 1.26 trillion US dollars, an increase of 87 billion US dollars from previous expectations, accounting for 8.5%of GDP. US net assets are declining sharply, but the amount of debt has risen rapidly, which shows that the United States no longer has the ability to repay the debt of the debt.
(4) The risk of the local currency exchange rate
The proportion of China M2/GDP is now the highest in the world, indicating that the currency of the central bank has not transformed into a contribution to the growth of the real economy
, either the capital is in If the virtual economy is circulating in the capital market, it is either explained that the investment of currency has exceeded the reasonable requirements of the real economy. China ’s foreign exchange reserves continued to increase in 2009. Use more US dollar foreign exchange increases
The U.S. Treasury bonds, so the Fed has invested these currencies into the country's currency market to increase its liquidity, so it supports the financing and foreign companies' financing and foreign countries. Investment, these companies will further expand the imports of Chinese goods and services
. Such a large amount of currency flows into China again in the form of foreign exchange and investment. According to the domestic exchange mechanism Caused the depreciation of the local currency.
(5) Monetary policy risk
The existence of huge U.S. Treasury bonds for the smooth implementation of the central bank's monetary policy. For a large number of U.S. Treasury bonds, the corresponding RMB is needed at the value of the US dollar, but a large number of US Treasury bonds cause foreign exchange to sink
, and the trend of the US dollar depreciation in the short term will inevitably cause interference to domestic monetary policy. Once the US dollar depreciates, the renminbi invested in the early stage, excess domestic liquidity, will further induce inflation. In addition, the addition of the RMB issuance of a large number of US
requires that the central bank must adopt a tightening monetary policy to prevent domestic liquidity from being flooded. obvious.
glass cremation jewelry wholesale It should be reduced, right? Because foreign exchange does not buy U.S. Treasury bonds for investment, then it is necessary to replace RMB when returning to China, because China implements a capital mandatory foreign exchange settlement system; so that the central bank will release equivalent RMB when recovering the US Yuan, which will cause this will cause it, which will cause it to cause it, which will cause it to cause it, which will cause it to cause it, which will cause it to cause it, which will cause it to cause it, which will cause it, which will cause it, which will cause it, which will cause it, which will cause it, which will cause it. The RMB is excessive, so the central bank must issue bills for hedging. This is also the status quo of the renminbi. It is both structural issues in China. At the same time, asset prices (stock markets) and prices have risen. Now it is only caused by letting RMB slowly appreciate and reduce foreign exchange inflows. Excessive liquidity.
What article, what is the name, who wrote it? I don't know what I said? It was written by foreigners! In order to control the exchange rate of the RMB and the US circle, a large number of currency issued a large number of currencies to underestimate the RMB and inflation, making Chinese goods export more competitively, thereby replacing more US circles, and I have to buy U.S. Treasury bonds. The United States also invests and purchase Chinese goods with money on domestic bonds, which has caused China's flooding prices to rise. In the final analysis, China's output inflation.
In fact, there are many sayings in China today in China. However, foreigners often come to join in. In fact, the quality is for some kinds of interests, either representing Wall Street interest groups to open the financial market in China, or the outdated industrial industrial groups in the United States to block China's exports, so their articles are purposeful. Sex, do n’t believe it blindly! The key depends on your own judgment. It ’s so much to give a reward for this time!
" said that in order to control the exchange rate of the RMB and the United States And inflation makes Chinese goods export more competitive. " Those words are all said by foreign people. In fact, Japan is now expanding exports through the depreciation of the yen. The United States is also so beautiful to improve export competitiveness. The United States is upset that China is rising in the name of China. Declars depreciation. Therefore, the depreciation of the local currency encourages exports, and it will also suppress imports, which not only affects net exports, but it is precisely that Meiyuan is also depreciating. It is the United States to help China China. Hit your own mouth.
35 is enough, thank you! When will you give it? Haha!