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December 18, 2020

Transition 2021
Transition 2021: How Much Foreign Policy Leverage Is Trump Leaving Biden?

Each Friday, I look at what is happening in President-Elect Joe Biden’s transition to the White House. This week: The Biden administration may have less leverage to strike winning deals than he, and …

President-Elect Joe Biden stands behind a podium labelled "Office of the President Elect."

October 14, 2007

China
Why did China only add $100b to its fx reserves in the third quarter?

Chinese reserve growth, on the surface, seems to be slowing.   The q3 headline increase was “only” $101b – down from $135b in q1 and $130b in q2.   The actual slowdown is even more dramatic.    If Ch…

July 14, 2008

Monetary Policy
The mystery deepens. China’s June reserve growth is surprisingly low.

China just indicated that its reserves reached $1808.8 billion at the end of June. That is obviously a huge sum -- it is $126.6b more than China reported at the end of March. But the increase in…

October 15, 2008

China
Will the world’s macroeconomic imbalances soon reduce to China’s surplus and offsetting deficits in the US and Europe?

The recent fall in oil prices, if sustained, should bring down the external surplus of the oil exporters. $80 a barrel is well above the average price of oil for most of the 1990s – or for that mat…

china-q2-08-1.PNG

January 13, 2008

China
Are China’s foreign assets growing by $430b a year? $500b a year? Even more rapidly?

It is almost impossible to overstate the scale of China’s reserve growth. China just announced that its reserves increased by $461.9b in 2007. Its reserves "only" increased by $247.5b in 2006. …

china_reserves_thru_07.jpg