英文版

Economics
China policy debate/insights: FX reserve
management, price reforms after Olympics, fiscal
stimulus and monetary easing - Corrected Note
supersedes any previous versions

There has been a heated debate on how China should more
effectively manage its US$1.8 trillion FX reserves. While the debt
default risks could be low, a lot of Chinese think-tankers have been
urging the authority to get out of US$ debts. Indeed, China may
have already intensified selling some of its US$ assets. The question
is where the money would go. Given that EUR, JPY, and
commodity currencies such as AUD and CAD may have already
seen their cycle peak this time (in some of the Chinese policy
makers’ view), it is unlikely that the money coming out of US$ will
go into EUR, JPY and other currencies in a big way. Suggestions put
in front of policy makers are:

[此贴子已经被作者于2008-8-26 16:36:54编辑过]