l**i
发帖数: 8144 | 1 China has bought lots of Treasuries through London-based brokers and those
are recorded in the British account in accordance with the distribution by
territoriality. Stephen Green says, “I suspect that China continues
increasing its holdings of U.S. Treasury bonds.”
In April, China reduced its holdings of Treasuries by $4.4 billion, to
heated discussion. In the same month, UK increased its holdings of by $24.6
billion. Brad Setser points out that in April China’s two or three-year US
government bonds worth $22.4 billion were purchased by UK investment
institutions.
=================================
China’s Opaque US Treasury Portfolio Serves for a Lousy Financial Times
Analysis
By Xu Yisheng China’s “Undeclared War”?
Such reads the headline of a story in the UK’s Financial Times, covering
the announcement by the U.S. Treasury Department in June of China’s
reduction of its holdings of US Treasury bonds, maintaining that China is
implementing dollar exit strategy.
That’s a bit much, and the analysis stems from incorrect or incomplete
facts.
Rigorous researchers, among them Brad Setser, a researcher for the U.S.
Council on Foreign Relations, and Stephen Green, chief economist at Standard
Chartered Bank China, have pointed out that China buys US Treasury bonds
not only through its own accounts but also through accounts in Britain. It
is difficult to have a complete measure of the size and move in China’s
holdings in US Treasury bonds only according to data on Chinese territories
released by the US Treasury Department.
According to US Treasury data, in June China substantially reduced its
Treasury bond holdings by $25.12 billion, the largest reduction in a single
month since 2000. But in the same month Britain sharply increased its
holdings of Treasury bonds by $77.2 billion, its holdings ranking third
after China’s and Japan’s.
China has bought lots of Treasuries through London-based brokers and those
are recorded in the British account in accordance with the distribution by
territoriality. Stephen Green says, “I suspect that China continues
increasing its holdings of U.S. Treasury bonds.”
In April, China reduced its holdings of Treasuries by $4.4 billion, to
heated discussion. In the same month, UK increased its holdings of by $24.6
billion. Brad Setser points out that in April China’s two or three-year US
government bonds worth $22.4 billion were purchased by UK investment
institutions.
In April and June, the China territories data showed the reduced holdings of
US Treasuries, while in the same two months China’s foreign exchange
reserves significantly increased by $55.1 billion and $42.1 billion,
respectively.
The data released in June of the sharp reduction of China’s large holdings
of US government bonds has triggered widespread discussion. Many Chinese
opinion leaders, concerned about the safety of China’s dollar-denominated
assets, have publicly noted the action with pleasure, while a number of
voices have questioned such a substantial reduction.
But whether the data involved are complete in the heated discussion is
unclear.
London is a world financial center and the core of the Eurodollar market. It
is a common practice to invest in US financial markets through London. Brad
Setser says China’s central bank has bought US Treasury bonds through UK
institutions before, and several oil-exporting countries often purchase
Treasury bonds through institutions in the UK.
Stephen Green points out that the Treasury’s monthly data is organized on a
territorial basis, but the annual statistics classify most positions bought
by UK in the previous year go to China’s account. From the annual data
revision over the recent five years, the upward adjustment of Treasury bonds
held by China is basically the same as the UK’s downward adjustment.
Apart from London, other financial centers such as Singapore and New York
may also be used as channels for China to invest in U.S. assets market.
Besides its central foreign exchange business center with four investment
divisions in Beijing, China’s State Administration of Foreign Exchange
operates the SAFE Investment Company, Ltd., in Hong Kong, as well as trading
rooms for direct investment in London, Singapore, and New York.
If the careful observations of Brad Setser and Stephen Greens are correct,
it is hard to conclude that China sharply reduced its US Treasuries holdings
in June.
On the issue of the investment in US Treasuries by foreign exchange reserves
, both China’s academic community and its market rely on data released by
the US, including from first-line well-known scholars who have served on the
Fed’s monetary policy committee. But studies based on incomplete data end
up unconvincing.
It is a great pity. Stephen Green says it is possible that China’s foreign
exchange reserve managers are unwilling to reveal their moves to the markets
, for China’s investment in US bonds has been heavily criticized. Therefore
, it seems good to route big orders through London.
Who is in the dark? The U.S. Treasury knows who has bought their bonds for
it adjusts the ownership of the holders instead of the size of territories
on an annual basis. It is those in the domestic market who are confused.
This situation is misleading. Your correspondent hopes foreign exchange
reserve management departments will deal more transparently with information. |
e**o
发帖数: 6038 | 2 现在除了美国国债还有更好更多的消费外汇储备的途径吗
不要说欧洲的国债好
6
US
【在 l**i 的大作中提到】
: China has bought lots of Treasuries through London-based brokers and those
: are recorded in the British account in accordance with the distribution by
: territoriality. Stephen Green says, “I suspect that China continues
: increasing its holdings of U.S. Treasury bonds.”
: In April, China reduced its holdings of Treasuries by $4.4 billion, to
: heated discussion. In the same month, UK increased its holdings of by $24.6
: billion. Brad Setser points out that in April China’s two or three-year US
: government bonds worth $22.4 billion were purchased by UK investment
: institutions.
: =================================
|
l**i
发帖数: 8144 | 3 除了债券就不能买别的了？ 除了保持流动性对付索罗斯之类 其余可以投资原料
The United States owes considerably more money to China than previously
reported, the Treasury Department said on Monday as it revised Beijing's
holdings of U.S. Treasury debt sharply upward to $1.160 trillion.
国债这个可以原谅 两方出事后还继续增持了一部分债券 必须找人出来 毙掉几个
【在 e**o 的大作中提到】
: 现在除了美国国债还有更好更多的消费外汇储备的途径吗
: 不要说欧洲的国债好
:
: 6
: US
|
e**o
发帖数: 6038 | 4 你认为那东西是现金随便买东西
【在 l**i 的大作中提到】
: 除了债券就不能买别的了？ 除了保持流动性对付索罗斯之类 其余可以投资原料
: The United States owes considerably more money to China than previously
: reported, the Treasury Department said on Monday as it revised Beijing's
: holdings of U.S. Treasury debt sharply upward to $1.160 trillion.
: 国债这个可以原谅 两方出事后还继续增持了一部分债券 必须找人出来 毙掉几个
|
l**i
发帖数: 8144 | 5 那东西不是废纸 能买石油
【在 e**o 的大作中提到】
: 你认为那东西是现金随便买东西
|
e**o
发帖数: 6038 | 6 石油和黄金得有的买才行
【在 l**i 的大作中提到】
: 那东西不是废纸 能买石油
|
l**i
发帖数: 8144 | 7 石油到处都有的买 只要腰杆硬 不要命
钱在买办手里 真是遭罪
利比亚有难 第一个跑路 还到处宣扬跑得快 我操 你说这怎么叫小弟跟你混？
【在 e**o 的大作中提到】
: 石油和黄金得有的买才行
|
e**o
发帖数: 6038 | 8 k
你以为美帝能让你随便买上万亿美元的石油和黄金吗
买几百亿就不错了
【在 l**i 的大作中提到】
: 石油到处都有的买 只要腰杆硬 不要命
: 钱在买办手里 真是遭罪
: 利比亚有难 第一个跑路 还到处宣扬跑得快 我操 你说这怎么叫小弟跟你混？
|
g*******g
发帖数: 9753 | |
l******t
发帖数: 55733 | 10 黄金现在这么高，老毛子是第一大功臣。第二大功臣就是TG。 |
|
|
l**i
发帖数: 8144 | 11 解放军不是摆设
【在 e**o 的大作中提到】
: k
: 你以为美帝能让你随便买上万亿美元的石油和黄金吗
: 买几百亿就不错了
|
l**i
发帖数: 8144 | 12 你呀就一个文盲 你分得清 us note 和 t-bill 的区别么
【在 g*******g 的大作中提到】
: 粪青真是幼稚的可笑
|
g*******g
发帖数: 9753 | 13 粪青就爱装作有文化，拿个名词当宝贝
【在 l**i 的大作中提到】
: 你呀就一个文盲 你分得清 us note 和 t-bill 的区别么
|
l**i
发帖数: 8144 | 14 你还是去和李大师玩轮子去
【在 g*******g 的大作中提到】
: 粪青就爱装作有文化，拿个名词当宝贝
|
g*******g
发帖数: 9753 | 15 粪青为了反共，连李大屎都舔，真是鸡巴傻逼
【在 l**i 的大作中提到】
: 你还是去和李大师玩轮子去
|
l**i
发帖数: 8144 | 16 尼格沙比 以后别跟我的帖子
【在 g*******g 的大作中提到】
: 粪青为了反共，连李大屎都舔，真是鸡巴傻逼
|
g*******g
发帖数: 9753 | 17 我就喜欢抽粪青，见了你丫的就抽，活该
粪青吃粪去吧
哈哈
【在 l**i 的大作中提到】
: 尼格沙比 以后别跟我的帖子
|
l**i
发帖数: 8144 | 18 草拟全家
【在 g*******g 的大作中提到】
: 我就喜欢抽粪青，见了你丫的就抽，活该
: 粪青吃粪去吧
: 哈哈
|
g*******g
发帖数: 9753 | 19 民煮了草你全家？
lol
粪青之所以成为粪青，就是因为只会意淫啊
【在 l**i 的大作中提到】
: 草拟全家
|
l****u
发帖数: 4594 | 20 上万亿买石油？ 你知道石油贸易量是多少吗？
多买个几百万桶就能让石油上涨10%，多买几千万吨就能让石油涨到天价，很合算？
【在 l**i 的大作中提到】
: 石油到处都有的买 只要腰杆硬 不要命
: 钱在买办手里 真是遭罪
: 利比亚有难 第一个跑路 还到处宣扬跑得快 我操 你说这怎么叫小弟跟你混？
|
j****n
发帖数: 7636 | 21 不让人民币升值，大多数外汇储备你就必须的买西方的国债。没法子的事儿。
人民不升值是保出口企业的就业。所以买国债就等于是维稳的费用。还可以顺便牵制一
下美国。
6
US
【在 l**i 的大作中提到】
: China has bought lots of Treasuries through London-based brokers and those
: are recorded in the British account in accordance with the distribution by
: territoriality. Stephen Green says, “I suspect that China continues
: increasing its holdings of U.S. Treasury bonds.”
: In April, China reduced its holdings of Treasuries by $4.4 billion, to
: heated discussion. In the same month, UK increased its holdings of by $24.6
: billion. Brad Setser points out that in April China’s two or three-year US
: government bonds worth $22.4 billion were purchased by UK investment
: institutions.
: =================================
|
f*u
发帖数: 5923 | 22 谁有兴趣还是查查米国欠下多少国债了吧。这个欧洲美元，TG是发财的，年初朝鲜搞事
的时候就打好这金融算盘了。 |
