China's forex reserve tops $1.43 trillion

时间：2007-10-15 07:58:56

（单词翻译:单击）

BEIJING, Oct. 13 - China's foreign exchange reserve had reached 1.43 trillion U.S. dollars by the end of September, up 45.1 percent year-on-year, the People's Bank of China announced on Friday.

 

A total of 367.3 billion U.S. dollars were added to the country's foreign exchange reserve in the first nine months of 2007, said the central bank.

 

In September alone, the forex reserve rose by 25 billion dollars.

 

China's soaring trade surplus is still the major contributing factor to the forex reserve boom.

 

Data newly released by the General Administration of Customs shows that China's trade surplus for the first nine months of the year has reached 185.7 billion dollars, exceeding the total trade surplus of 177.47 billion dollars for 2006.

 

The huge forex reserve is considered the main reason for excess liquidity1 in China, as the central bank has to spend quantities of basic money to purchase foreign exchange, thus aggravating2 the problem of surplus fluidity.

 

By the end of September, the M2 -- a broad measure of money supply, which indicates the monetary3 demand of the whole of country and possible inflation -- grew by 18.45 percent from a year ago to 39.31 trillion yuan.

 

The growth rate is 1.39 percentage points higher than the end of June and still higher than the target growth of 16 percent set by the central bank at the beginning of this year.

 

A total amount of 195.8 billion yuan was poured into the market during the first nine months, 30.2 billion yuan more than the same period of last year.

 

On the other hand, continuous growth of the forex reserve has in fact increased the pressure on appreciation4 of the Chinese currency, which in turn has exerted greater pressure on value preservation5 of China's forex reserve.

 

The central parity6 rate of the RMB was 7.5114 to the U.S. dollar on Friday.

 

In a move to make better use of the country's huge forex reserve, China announced the establishment of the China Investment Corporate7 Ltd. (CIC), the country's state forex investment company at the end of September.

 

The state-owned investment company will invest in overseas financial markets.

 

The registered capital of 200 billion dollars of the CIC all comes from the forex reserve of the country, which will be obtained by issuing a total of 1.55 trillion yuan special treasury8 bonds by the Ministry9 of Finance (MOF).

 

So far, the ministry has issued more than 700 billion yuan (93.3 billion dollars) of special treasury bonds, with 600 billion yuan to the central bank and 100 billion yuan targeting the general public. It will issue another 100 billion yuan of treasury bonds by the end of this year.

 
分享到：


点击收听单词发音收听单词发音  

1 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。
2 aggravating a730a877bac97b818a472d65bb9eed6d     
adj.恼人的，讨厌的
参考例句：
  • How aggravating to be interrupted! 被打扰，多令人生气呀！
  • Diesel exhaust is particularly aggravating to many susceptible individuals. 许多体质敏感的人尤其反感柴油废气。
3 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。
4 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
5 preservation glnzYU     
n.保护，维护，保存，保留，保持
参考例句：
  • The police are responsible for the preservation of law and order.警察负责维持法律与秩序。
  • The picture is in an excellent state of preservation.这幅画保存得极为完好。
6 parity 34mzS     
n.平价，等价，比价，对等
参考例句：
  • The two currencies have now reached parity.这两种货币现已达到同等价值。
  • Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。
7 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
8 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
9 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。

©2005-2010英文阅读网