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外汇热点问题问答(ForeignexchangehotissueQ&A)Question11:willChinauseforeignexchangereservesasz，killers，zor"atomicweapons"?Answer:wehavealwaysstressedthattheforeignexchangereservesisaresponsiblelong—terminvestors,foreignexchangereservesintheinvestmentmanagementprocess,wewillbeinstrictaccordancewiththe1awsandregulationsofmarketrulesandtheoperationofforeignexchangereservesisalsoafinancialinvestor,doesnotseekcontroloftheinvestmentobject・Theinvestmentmanagementofforeignexchangereservesmustbeaprocessofmutualbenefitandwin-win,weusuallytake"letitbe"attitude,thatistosay,ifourcountryinvestmenthasbeenwelcomedandrecognized,wewillactivelydeepencooperation;ontheotherhand,ifthecountrywheretherearesomedoubts,wewillslowdowntherhythm,strengthencommunication,toseekconsensus・Factshaveprovedthatsuchworriesandfearsareentirelyurmecessary.Question12:howdoyoujudgethetrendofthedollarwhentheUSbudgetdeficitrisessharply?Answer:judgingthedollartrenddependsnotonlyontheUnitedStates,butalsoontheeconomicconditionsofothercountries・Afterthecrisis,theUnitedStatesimplementedalarge-scaleeconomicaidpolicy,thefiscaldeficitsoared,themarketonceagainworriedaboutthefurtherdepreciationoftheU・S.dollar.Butweshouldrealizethatthedevaluationofthedollaris relativetoothercountriesandregions,whileothercountriesandregionsarefacingsuchorsuchproblems,suchasEuropeancountries,thegovernmentdebtscaleisalsohigher・Fromtherecenttrendofthedollar,theeuroandothercurrencieshavestrengthened,suchasfromlate2009toMay2010,theU・S・dollaragainsttheeuroroseby20%・Therefore,thenextstepofthedollardependsontheprospectsoftheUSeconomyandtherecoveryoftheworldeconomy,aswe11astheeconomicpoliciesofmajorcountriessuchastheUnitedstates・WehopethattheUnitedStatesandothermajorworldcurrencycountriesadoptresponsiblepoliciesandmeasurestofullyconsiderthedeficitandinflationrisks,thereasonablearrangementoftheexitmechanismofloosemonetarypolicy,reducingdependenceondebtexpansionpolicy,responsibleformaintainingcurrencystabilityistheresponsibilityandobligationtoprotecttheinterestsofinvestors・Question13:willforeignexchangereservesincreaseordecreaseUSTreasurybonds?A:theU.S.Treasurybondmarketistheworld，slargesttreasurybondmarket,theUnitedStatesTreasurybondshavebettersecurity,liquidityandmarketcapacity,transactioncostsarelow.Foralongtime,itisbothadomesticinvestor(morethan50%oftheUSTreasurybondsinvested)andanimportantinvestmenttargetforinternationalinvestors・Manyoftheworld，scentralbanksholdTreasurybonds・Chinaforeignexchangereservesmanagementemphasisonsafety,liquidityandgoodvalueadded,accordingtotheirownneedsandjudgment,thediversificationofassetallocationintheinternationalfinancialmarket,thebondmarket isanimportantmarketforChinese.Allalong,theoutsideworldisveryconcernedaboutChina'sforeignexchangereservesholdingsorreductionofU・S・Treasurybonds,andevensomepeoplebelievethatChinaholdslargeU.S.Treasurybonds,theUnitedStatesisathreat・Infact,holdingforeignexchangereservesisamarketinvestmentbehavioroftheUnitedStatesTreasury,holdingsorholdingsoftreasurybondsarenormalinvestmentoperations・Becauseoftheeconomiccycle,themarketsupplyanddemandchangesandotherfactorswillaffectthebondpricevolatilityandotherassetpricechangeswillalsoaffecttherelativeattractivenessofbonds,therefore,wehavebeenpayingcloseattentionininvestmentactivities,trackinganalysisofvariouschanges,continuousdynamicoptimizationandadjustmentoftheoperation,donothavethepoliticalinterpretation・Thisroundoffinancialcrisis,theUnitedStateswithstimulativemonetaryandfiscalpolicy,thefiscaldeficitrosesharply,debtbalancesaccountedfortheproportionofGDPincreased,causingthemarkettoassetsintheUnitedStatessecurityconcerns・China，sforeignexchangereservesforlong-term,diversifiedinvestment,differentassetsexist"shifting","dynamiccomplementary"effect,caneffectivelycontroltheoverallriskofassets,meetliquidityneeds,andachieveoverallvaluestability・ChinahasalsobeencallingfortheUnitedStates,asaresponsiblecountry,totakepracticalmeasurestosafeguardthesustainabledevelopmentoftheUnitedStatesandtheglobaleconomy,toprotecttheinterestsofinvestorsandtosafeguardinvestorconfidence・Question14:areforeignexchangereservesmostlyinvestedin treasurybondswithhigherinvestmentlevels?Answer:foreignexchangereservesaremainlyinvestedinrelativelystableinvestmentincomeandrelativelylowriskfinancialproducts.Mainlyincludingdevelopedcountriesandmajordevelopingcountriesofgovernment,institutions,internationalorganizations,companies,fundsandotherassets,includinginflationprotectionbonds,assetbonds,bondsandothervarieties.Foreignexchangereservestobeintegratedatthemercyofavarietyofreasons,isnotaslongastheproductofinvestmenttobuyhighgrade・Nowourcountry，sforeignexchangereservehasreached2morethan1trillion,somuchmoneytobuyfinancialproducts,butalsoconsidermanyfactors,suchasinvestmentproductsmarketcapacityisbigenough・Ifacountry'sbondshaveagoodreputation,debtserviceabilityisveryhigh,butthesalesofseveralhundredmillionorbillionsofdollars,mainlyinthedomesticbusiness,internationalfinancialmarketisgenerallynottraded,suchinvestmentproductsisdifficulttomeettheinvestmentneedsofChina，sforeignexchangereserves・Inaddition,whethertheriskreturncharacteristicsandrelevanceofassetscanmeettheneedsofportfolioinvestment,whetheritcanmeettheriskdispersionrequirements,andwhetheritcaneffectivelycombatinflationisalsoanimportantfactortoconsider・Foreignexchangereserveisasteadyandresponsiblelong-terminvestorintheinternationalfinancialmarketandneverengagesinspeculativespeculation.Activespeculatorsintheinternationalfinancialmarketsarelookingforarbitrageopportunitiesinthemarket,andsomeareevencreatingarbitrageopportunities・ Foreignexchangereservesseektopreserveandincreasethevalueofassets,andputthesecurityofthereserveassetsinanimportantposition.Thesebusinessideascontributetothestabilityoftheinternationalfinancialmarkets・Question15:areforeignreservesinvestinginequities,privateequityinvestments,andhigherriskfinancialproducts?Howbigisthescale?A:wehavestrictinvestmentstandardsandriskmanagementproceduresforalltypesofassetsthatcanbeinvestedinforeignexchangereserves・Thechoiceofaninvestmentportfoliorequiresconsiderationofitssafety,liquidity,longtermreturnoninvestment,andatthesametimeconsiderationofitsrelevancetootherassets・Lowornegativecorrelationwiththeassetallocationinthesameportfolio,canbeatdifferentstagesoftheeconomiccycletoachievethiseliminationherose,helptoreducetheoverallriskofassets,improveassetallocationandriskmanagementflexibility・Wedon，truleoutanyinvestmentproducts・Butexactlywhatkindofinvestmentproducts,theneedforriskassessmentandcontrolstrictly,whichisinaccordancewiththeabovecriteria,theseproductsareinconformitywiththeforeignexchangereservesinvestmentsecurity,flowandthevalueoftheprinciple,whetherhastheriskdiversificationeffect・Onceitmeetsthestandards,itwillenterourdecision-makingprocessandriskmanagementprocedures・Question16:willChinaconsiderfurtherincreasingitsgoldreserves?Whenholdings? A:goldhastheadvantagesofhighinternationalrecognition,goodhedgingfunctionandemergencypayment,buttheinvestmentofgoldisalsolimited・Itisimpossibletobecomethemainchannelforforeignexchangereserveinvestment.First,thegoldmarkethaslimitedcapacity・Theglobalgoldoutputisonlyabout2400tons,andthecurrentsupplyanddemandrelationshipisbasicallybalanced・Ifwebuylargegold,willcertainlypushtheinternationalpriceofgold,andthegoldandthewor1dChinesebasicstandards,Chinesepeoplegotothedepartmentstoreandretailcounterstobuygoldjewelryandothercommodities,willfacetheproblemofrisingprices,willeventuallyharmtheinterestsofdomesticconsumers・Second,thepriceofgoldfluctuatesconsiderably.Internationalgoldpricesarevulnerabletoexchangerate,geopolitical,supplyanddemand,speculationandothereffects,oftenfluctuatesharply,andgolddoesnotgenerateinterestincome,butalsotoundertakewarehousing,transportation,insuranceandothercosts.Judgingfromtheperformanceofthepast30years,theriskreturncharacteristicsofgoldarenotverygood・Goldhasthecharacteristicsofinflationprotection,butmanyotherassetsalsohavethischaracteristic・Finally,theoveralleffectoftheaccumulationofgoldreservesonthediversificationofforeignexchangereservesisnotsignificant・Inthepastfewyears,Chinahasincreaseditsgoldreservesbymorethan400tons・Atpresent,China'sgoldreserveshavereached1054tons,evendoublingagain,ItcanonlydispersethreeorfourtenbillionU・S・dollarsof foreignexchangereserves,goldreservesaccountedfortheproportionofforeignexchangereservesincreasedonlyoneortwopercentagepoints・Inaword,wewillconsidercarefullythedemandforgoldandthemarketsituation.(end)Fortheoriginal,pleaseclicktheChinasafewebsite(www・safe・gov.cn)ZhangShengnanZhangXiliang一finishing；・
