<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区

          News >Bizchina

          China faces choice between 'bad and worse'

          2010-08-19 13:49

          China faces choice between 'bad and worse'

          Japan or the United States, it's a choice between "bad or worse" - this is the situation facing China as it decides whether to buy Japanese or US debt.

          China has been buying Japanese treasury debt for six consecutive months, almost five times the total growth in new holdings during the past five years. At the same time, its holdings of US treasury bonds dropped for two months after hitting a yearly high of $900.2 billion in April.

          Related readings:
          China faces choice between 'bad and worse' China starts diversifying forex reserves
          China faces choice between 'bad and worse' China doubles S. Korean debt holdings
          China faces choice between 'bad and worse' China cuts holdings of US Treasury

          China faces choice between 'bad and worse' Buying more of Tokyo's debt is risky

          It is believed that Japan's debt-holding structure and the currency's strength against the US dollar are behind China's decision, although the Japanese yield rate is actually far lower than the US. Japanese treasury debt's risks seem much higher than that of US debt. The ratio of outstanding debt to GDP is about 90 percent in the US while it is as high as 200 percent in Japan.

          However, Japanese debt has a unique holding structure, with only 5 percent of the total issued held by outside investors while 33 percent of US treasury debt is owned by foreigners. Because native investors don't have currency exchange risks, the structure of Japanese treasury debt means it is more secure than the US.

          Another main potential risk for China in holding foreign government bonds is that the currency may depreciate as the US dollar did since the eruption of the global financial crisis. However, the yen continued to rise in the past three years, up 27 percent against the US dollar.

          The yen and gold are the only two commodities whose market price is higher than before the crisis.

          The appreciation of the yen comes from Japan's surplus current account, large overseas net assets and the need for international arbitrage.

          After the crisis, excessive demand for the yen boosted its price. The yen's short-term price will remain strong against the US dollar.

          Japan has a low yield rate of 1 percent and policy risks such as a liquidity trap, a financial deficit and aging problems while US has a weak currency but a 3 percent yield rate and favorable long-term expectations regarding its economy.

          In fact, Chinese investors have not given up on US treasury bonds. Though the buying of short-term debt dropped, holdings of US long-term treasury bonds increased by $88.5 billion in the past ten months.

          To solve the problem completely, the nation should reform its economic structure and currency management mechanism if it wants to prevent a "twin surplus" in both its current and capital accounts.

          The author is a researcher with Shanghai Institute for International Studies.

          Related News:

          主站蜘蛛池模板: 办公室强奷漂亮少妇视频| 我要看特黄特黄的亚洲黄片| 国产综合久久久久影院| 亚洲av色香蕉一区二区| 成人av片在线观看免费| 麻豆成人久久精品二区三| 我国产码在线观看av哈哈哈网站| 99久久亚洲综合精品成人网 | 又爆又大又粗又硬又黄的a片| 亚洲国产另类久久久精品| 亚洲国产精品成人综合色在| 在线播放深夜精品三级| 日本一区二区国产在线| 欧美国产国产综合视频| 2021国产成人精品久久| 国产精品久久久一区二区三区 | 国产精品一区二区久久| a级毛片在线免费观看| 久久99精品久久久久久清纯| 最近的2019中文字幕国语hd| 成在线人视频免费视频| 欧美乱大交aaaa片if| 少妇人妻偷人偷人精品| 国内精品久久人妻无码妲| 亚洲性日韩精品一区二区| 一个人看的www视频播放在线观看| 国产亚洲欧美另类一区二区三区| 五月天中文字幕mv在线| 特级做a爰片毛片免费看无码| 四虎成人精品在永久在线| 婷婷六月色| 中文字幕人妻无码一区二区三区| 日本一区二区三区福利视频| 18黑白丝水手服自慰喷水| 亚洲一区二区中文av| 久久精品久久黄色片看看| 欧美人妻在线一区二区| 99精品热在线在线观看视| 99久久99视频只有精品| 国产精品日韩深夜福利久久| 国产成人精品亚洲日本在线观看|