'No plans' to sell off greenback

时间：2007-08-14 03:08:27

（单词翻译:单击）

Aug. 13 - The US dollar plays an important role in the global monetary1 system and dollar assets are an important part of China's foreign exchange reserve, the central bank said yesterday.

 

The announcement by the People's Bank of China (PBOC), experts said, should scotch2 rumors3 that Beijing would sell off its US dollar reserve in response to Washington's pressure to revaluate the yuan.

 

"The US financial market is huge and has high liquidity4, and the dollar assets, including US government bonds, are an important component5 of China's foreign exchange reserve investment," Xinhua quoted a PBOC official as saying.

 

Last week, the UK's Daily Telegraph reported that two Beijing "officials" had sent an "economic threat" saying China could "liquidate6 its vast holding of US treasuries7 if Washington imposes trade sanctions to force a yuan revaluation".

 

The newspaper said the remarks were in response to the passage of a bill by the US Senate Finance Committee last month that would impose higher trade tariffs8 on China-made goods if Beijing refused to revalue the yuan at a faster pace.

 

Economists9 Xia Bin10 and He Fan, of the State Council Development Research Center and the Chinese Academy of Social Sciences, were quoted as saying that if Beijing triggered a dollar crash now, when the US dollar is weak, it could cause a spike11 in US bond yields, ruin that country's housing market and even slow down its economy.

 

US officials responded strongly to the report because Washington has been struggling with the financial mess caused by the sub-prime mortgage crisis.

 

The PBOC official's statement ruling out any such threat said China, which had a foreign exchange reserve of $1.33 trillion by the end of June, is a responsible investor12 in the international capital market.

 

"For China, safety, liquidity and investment returns are the main targets of its foreign exchange reserve management," the official said.

 

"In deciding the portfolio13 of the currency assets structure, (we) have consistently stuck to a long-term, strategic policy, taking into consideration multiple factors such as China's foreign economic development, evolution of the international monetary system, as well as changes in the international capital and foreign exchange markets."

 

The official called for dialogue and exchanges to enhance bilateral14 understanding.

 

"The close economic and trade relations between China and the US play an important role in the stable economic development of the two countries, as well as the world economy," the official said.

 

China attaches great importance to strengthening bilateral communication and exchanges, including the Sino-US strategic economic dialogue, to reach a consensus15, he said.

 
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1 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
2 scotch ZZ3x8     
n.伤口，刻痕；苏格兰威士忌酒；v.粉碎，消灭，阻止；adj.苏格兰(人)的
参考例句：
  • Facts will eventually scotch these rumours.这种谣言在事实面前将不攻自破。
  • Italy was full of fine views and virtually empty of Scotch whiskey.意大利多的是美景，真正缺的是苏格兰威士忌。
3 rumors 2170bcd55c0e3844ecb4ef13fef29b01     
n.传闻( rumor的名词复数 )；[古]名誉；咕哝；[古]喧嚷v.传闻( rumor的第三人称单数 )；[古]名誉；咕哝；[古]喧嚷
参考例句：
  • Rumors have it that the school was burned down. 有谣言说学校给烧掉了。 来自《简明英汉词典》
  • Rumors of a revolt were afloat. 叛变的谣言四起。 来自《简明英汉词典》
4 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
5 component epSzv     
n.组成部分，成分，元件；adj.组成的，合成的
参考例句：
  • Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
  • Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。
6 liquidate I3OyM     
v.偿付，清算，扫除；整理，破产
参考例句：
  • A unanimous vote was taken to liquidate the company.全体投票一致通过停业清理公司。
  • They have not hesitated in the past to liquidate their rivals.过去他们曾毫不犹豫地铲除对手。
7 treasuries 506f29b3521f9522ba67d6c04ba661f5     
n.（政府的）财政部( treasury的名词复数 )；国库，金库
参考例句：
  • Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
  • Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网
8 tariffs a7eb9a3f31e3d6290c240675a80156ec     
关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准
参考例句：
  • British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
  • The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。
9 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家，经济专家( economist的名词复数 )
参考例句：
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
10 bin yR2yz     
n.箱柜；vt.放入箱内；[计算机] DOS文件名:二进制目标文件
参考例句：
  • He emptied several bags of rice into a bin.他把几袋米倒进大箱里。
  • He threw the empty bottles in the bin.他把空瓶子扔进垃圾箱。
11 spike lTNzO     
n.长钉，钉鞋；v.以大钉钉牢，使...失效
参考例句：
  • The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
  • They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。
12 investor aq4zNm     
n.投资者，投资人
参考例句：
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
13 portfolio 9OzxZ     
n.公事包；文件夹；大臣及部长职位
参考例句：
  • He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
  • He resigned his portfolio.他辞去了大臣职务。
14 bilateral dQGyW     
adj.双方的，两边的，两侧的
参考例句：
  • They have been negotiating a bilateral trade deal.他们一直在商谈一项双边贸易协定。
  • There was a wide gap between the views of the two statesmen on the bilateral cooperation.对双方合作的问题，两位政治家各自所持的看法差距甚大。
15 consensus epMzA     
n.(意见等的)一致，一致同意，共识
参考例句：
  • Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
  • What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

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