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a*******m
发帖数: 14194 | 1 Exclusive: China central bank to Fed: A little help, please?
http://www.reuters.com/article/us-china-usa-cenbank-exclusive-i
Confronted with a plunge in its stock markets last year, China's central
bank swiftly reached out to the U.S. Federal Reserve, asking it to share its
play book for dealing with Wall Street's "Black Monday" crash of 1987.
The request came in a July 27 email from a People's Bank of China official
with a subject line: "Your urgent assistance is greatly appreciated!"
In a message to a senior Fed staffer, the PBOC's New York-based chief
representative for the Americas, Song Xiangyan, pointed to the day's 8.5
percent drop in Chinese stocks and said "my Governor would like to draw from
your good experience."
READ MORE: Oil 'ducks' are bad news for bulls
It is not known whether the PBOC had contacted the Fed to deal with previous
incidents of market turmoil. The Chinese central bank and the Fed had no
comment when reached by Reuters.
In a Reuters analysis last year, Fed insiders, former Fed employees and
economists said that there was no official hotline between the PBOC and the
Fed and that the Chinese were often reluctant to engage at international
meetings.
The Chinese market crash triggered steep declines across global financial
markets and within a few hours the Fed sent China's central bank a trove of
publicly-available documents detailing the U.S. central bank's actions in
1987.
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Fed policymakers started a two-day policy meeting the next day and took note
of China’s stock sell-off, according the meeting’s minutes. Several said
a Chinese economic slowdown could weigh on America.
Financial market contagion from China was one of the reasons cited by the
Fed in September when it put off a rate hike that many analysts had expected
, a sign of how important China has become both as an industrial powerhouse
and as a financial market.
NO SECRETS
The messages, which Reuters obtained through an Freedom of Information Act
request, show how alarmed Beijing has become over the deepening financial
turmoil and offer a rare insight into one of the least understood major
central banks.
RELATED COVERAGE
› China says it will fend off financial risks, communicate better with
markets
The exchanges also show that while the two central banks have a collegial
relationship, they might not share secrets even during a crisis.
"Could you please inform us ASAP about the major measures you took at the
time," Song asked the director of the Fed's International Finance Division,
Steven Kamin in the July 27 email.
The message registered in Kamin's account just after 11 a.m. in Washington.
Kamin quickly replied from his Blackberry: "We'll try to get you something
soon."
What followed five hours later was a 259-word summary of how the Fed worked
to calm markets and prevent a recession after the S&P 500 stock index
tumbled 20 percent on Oct. 19, 1987.
Kamin also sent notes to guide PBOC officials through the many dozens of
pages of Fed transcripts, statements and reports that were attached to the
email.
All of the attached documents had long been available on the Fed's website
and it is unclear if they played a role in shaping Beijing's actions.
Kamin's documents detail how the Fed began issuing statements the day after
the market crash, known as Black Monday, pledging to supply markets with
plenty of cash so they could function.
By the time Song wrote to Kamin, China had spent a month fighting a stock
market slide and many of the actions taken by the PBOC and other Chinese
authorities shared the contours of the Fed's 1987 game plan.
DESPERATE MEASURES
The July 27 plunge in the Shanghai Composite Index was the biggest one-day
fall since 2007 and by then the market had lost nearly a third of its value
over six weeks.
China's central bank had already cut interest rates on June 27 in similar
fashion to the Fed's swift move to ease short-term rates in 1987.
Song told Kamin the PBOC was particularly interested in the details of the
Fed's use of repurchase agreements to temporarily inject cash into the U.S.
banking system in 1987.
The PBOC had increased cash injections in June and ramped up repurchase
agreements in August as stocks continued to slide. The PBOC also eased
policy on Aug. 11 by allowing a 2 percent devaluation in the yuan currency.
(Graphic: here)
As Song and Kamin exchanged messages on July 27 and 28, other Chinese
authorities were busy trying to contain the crash.
China's securities regulator said on July 27 it was prepared to buy shares
to stabilize the stock market and that authorities would deal severely with
anyone making "malicious" bets that stocks would fall.
In 1987, the Fed contacted banks directly and encouraged them to meet "
legitimate funding needs" of their customers, according to Kamin's email to
Song.
In addition to its pledges and cajoling, the U.S. central bank in 1987 eased
collateral restrictions on Wall Street and tried to calm markets by
intervening in trading earlier than normal. The U.S. economy continued to
grow, eventually entering recession in 1990.
The central bank in Beijing does not have as free a hand to conduct policy
as does the Fed, which answers to the U.S. Congress but operates
independently from the administration.
The PBOC governor Zhou Xiaochuan implements policies ultimately decided by
political leaders in Beijing and lacks the authority to lead debate or shed
light on decision-making.
China's vice finance minister told Reuters last year Chinese supervisors
needed to learn from countries like the United States.
Premier Li Keqiang said last month China's regulators did not respond
sufficiently but China had fended off systemic risks.
U.S. central bankers say their relative transparency helps their
effectiveness and legitimacy, but open records laws also make Fed officials
cautious about their communications, much of which must be made public when
requested. Fed Vice Chairman Stanley Fischer has said transparency makes it
harder for policymakers to have informal discussions.
Kamin pointed out in his email that everything he was sending was publicly
available.
"I hope this is helpful," he said.
(Reporting by Jason Lange in Washington; Additional reporting by Kevin Yao
in Beijing; Editing by Tomasz Janowski)
英媒称中国央行曾就股灾求助美联储 专家：不太可能
http://world.huanqiu.com/exclusive/2016-03/8746301.html
2016-03-22 04:00:00环球时报 张怡然 分享 426参与
【环球时报记者 张怡然】“中国央行曾向美国联邦储备委员会求助”，英国路透
社21日发表独家报道称，去年中国股市暴跌时，中方曾希望美联储分享其当年应对1987
年“黑色星期一”股灾的经验和策略。多名金融专家21日接受《环球时报》记者采访时
表示，该消息不太可能属实，存在很多漏洞。记者21日联系中国人民银行办公厅求证此
事，未得到回复。
路透社称，中国人民银行美洲代表处首席代表宋湘燕于去年7月27日向美联储国际
金融部主管卡明发送了一封电子邮件，主题是“若得紧急协助，将不胜感谢”，此时，
中国当局处理股市下跌已有一个月的时间。报道称，卡明于华盛顿时间当天上午11时收
到邮件，宋在邮件中希望“尽快得知美方当时采取的主要措施”，卡明之后通过他的黑
莓手机告知对方“很快回复”。5小时后，中方收到一份含259个单词的概要，内容是
1987年10月19日标准普尔500指数暴跌20%后，美联储如何安抚市场，以及如何防止经济
陷入衰退。此外，邮件中还附上几十页的美联储文字记录、声明和报告等材料。这些档
案是美联储的网站公开文件。第二天，美联储决策者开始召开为期两天的政策会议。会
议记录显示，美方注意到中国股市大跌，几名决策者表示，中国经济放缓可能拖累美国
经济。
报道称，目前尚不清楚这些文件是否在中方采取的各项行动中扮演一定角色，不过
，中国央行和其他主管单位在那期间采取的许多行动与美联储1987年的措施有相似之处
。路透社评论说，当时中国政府对于金融动荡加剧变得非常警觉。中美央行的这次互动
显示，“虽然两者有合作关系，但可能即便在危机时期也不会分享秘密。”据称，双方
之间没有官方热线。
申万宏源证券研究所首席经济学家杨成长21日接受《环球时报》记者采访时表示，
跟美国相比，中国的经济发展状况、股市情况完全不同，历次涨跌波动也非常不同，美
方的经验并不能给中国带来太大参考意义。英大证券研究所所长李大霄对记者表示：“
中国人民银行有大量的海归学者、金融专家，他们都有丰富的学术储备，完全不至于要
向美方做这样的求助。另外，我们都知道美联储的信息很公开透明，他们会定期公开会
议纪要、解密之后的资料，再去索要这些文件实在没必要。”中国人民大学金融教授向
松祚表示，中国人民银行并不直接负责股市问题，所以求助该领域事务的可能性不大。
即使是就一些经济问题去取经，也会通过正规的对话机制进行，不太可能采取发送个人
电子邮件的形式。 | a*******m
发帖数: 14194 | 2 这是小白兔问狼外婆要胡萝卜吗？
这帮人是什么智商呀？ | s********i
发帖数: 17328 | 3 fed minutes 都是公开的，自己找来看啊。 | C****2
发帖数: 2904 | 4 现在美国只要能自吹绝不会错过机会，基本只剩一张嘴。
所谓中国向美国求助，也就是这么一说。
最近有个美国专家，说中国向他征询意见，这个专家就是向苏联提出休克疗法的，你说
中国对他能当真？
你想继续黑中国，觉着中国平均的普通人只有吃糠咽菜拉矿挣温饱的钱，尽可以找到你
要的证据，不过呢，最后事实大家都不可避免的看见，就像南海磨牙一样，摸了半天，
大家就看见南海的人工岛和导弹。。。。
its
from
【在 a*******m 的大作中提到】
: Exclusive: China central bank to Fed: A little help, please?
: http://www.reuters.com/article/us-china-usa-cenbank-exclusive-i
: Confronted with a plunge in its stock markets last year, China's central
: bank swiftly reached out to the U.S. Federal Reserve, asking it to share its
: play book for dealing with Wall Street's "Black Monday" crash of 1987.
: The request came in a July 27 email from a People's Bank of China official
: with a subject line: "Your urgent assistance is greatly appreciated!"
: In a message to a senior Fed staffer, the PBOC's New York-based chief
: representative for the Americas, Song Xiangyan, pointed to the day's 8.5
: percent drop in Chinese stocks and said "my Governor would like to draw from
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