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| 5/17 |
| 2006/11/6-7 [Politics/Foreign/Asia/China, Politics/Foreign] UID:45187 Activity:nil |
11/6 Good grief: China's foreign reserves top $1 trillion.
http://news.bbc.co.uk/2/hi/business/6120906.stm -John
\_ Why don't they spend some of that money on their POS country?
The place is a cesspool, but it's all good because they are
sitting on $1 T cash.
\_ If they were to spend it, it would be on military spending
They have been increasing their annual military spending by
double-digit percentages for many years.
\_ Agreed. Also, remember that the PRC is an oligarchy, not a
democracy. Benefits are doled out as rewards for service to
the party, not on the basis of need.
\_ Maybe they should focus on their polluted, shithole country.
\_ the #1 rule in China is stability
\- i'm trying to stay out of these kinds of discussions
beyond leaving ptrs. if you are interested in this
and related topics, see:
http://www.frbsf.org/economics/pbc/index.html
(teh "pacific basin notes" are pretty accessible)
the feds will also send you all of their publications
the fed res bank will also send you all of their publications
for free. obtrivia: Janet Yellin of ucb dept econ is the head
of the SF fed. she is also married to ucb econ nobel
george akerlof. |
| 5/17 |
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| news.bbc.co.uk/2/hi/business/6120906.stm China's trillion dollar surplus explained China says its foreign exchange reserves have reached $1 trillion - a milestone in its economic development. The huge wealth is a result of China's trade surplus, with the imbalance especially marked with the US. The sum is the largest holding of foreign exchange reserves in the world and exceeds the annual amount of economic activity in most nations. China's reserves have been growing at a rate of about $18bn each month and passed the landmark on Monday. China's huge foreign exchange reserves have sparked concern among economists and policy-makers, who worry that the global imbalances could upset the world economy. The US has been putting pressure on China to revalue its currency, the yuan, in order to reduce its trade surplus. |
| www.frbsf.org/economics/pbc/index.html About the Center A program to promote cooperation among central banks in the region and enhance public understanding of major Pacific Basin monetary and economic policy issues. |