221 Results for:

April 24, 2005

United States
US policy (once again) fails the Chinese test

Lots of folks in Washington don’t think the Bush Administration and the Congress are serious about cutting the fiscal deficit, and reducing the strain the federal government places on anemic US savin…

September 12, 2005

China
Show me the money (really, show me China’s reserves)

China's Alan Greenspan (Zhou Xiaochuan) has indicated China won't roil financial markets with "active composition adjustments of the foreign reserves."  fine.   But any central bank adding ab…

November 28, 2005

China
China still pegs to the dollar …

And it intervenes in a big way in both the spot and the forward market.  But it doesn't manipulate its currency.  At least not technically.   The US Treasury - in a widely telegraphed move - deci…

April 18, 2006

China
Not working — China’s attempts to rebalance its economy

China's leaders talk of rebalancing the basis for Chinese growth, shifting from exports and investment to consumption.   That makes a lot of sense to me.  China's economy is every bit as unba…

November 8, 2006

China
Absence of global rebalancing watch - first q4 data point from China edition

I spent last night following the outcome of the US election.   It looks like a majority of US electorate tired of Bush Administrations policies (and Rummy) before the rest of the world tired of finan…

chinatrade1

July 18, 2007

China
$136 billion here, $131b there and pretty soon you are talking about real money …

China announced that it added $130.6b to its reserves in the second quarter, only a bit smaller than the $135.7b it added in the first quarter.  Most of the increase was real: if China had 5% of its …

chinese_holdings_of_us_debt

April 5, 2007

China
Think again (China no longer just assembles imported components)

Dated perceptions of China:  Chinese banks are filled with NPLs.   China runs a surplus with the US but a deficit with the rest of the world, so its trade is in rough balance.China just assembles imp…

October 19, 2006

Monetary Policy
Richard McGregor helps to solve the mystery of China’s slow q3 reserve growth.

The increase in China’s q3 reserves was about $30b below my expectations.  China’s current account surplus is usually about $15b per quarter larger than its trade surplus, and net FDI inflows have be…

December 29, 2006

Monetary Policy
Call me Ahab (q3 IMF COFER data)

The data on global reserve accumulation is my great white whale.   I suspect I am about the only person who cares that the IMF just released its q3 data on global reserve accumulation.   What is the …

May 1, 2008

China
Managing China’s real appreciation

The BIS computes the real exchange rate for a broad range of countries (if only the data extended backwards a bit further). The BIS data shows that China’s real exchange rate tracked the US real e…

bis_rer_1