State financial arm might be set up to manage forex reserves

时间：2006-12-29 00:56:07

（单词翻译:单击）


 
Chinanews, Beijing, Dec. 29 – In order to make full use of the huge amount of foreign exchange reserves, China might set up a state-controlled financial institution to make investment globally. Deputy Governor of the People’s Bank of China (PBC) Wu Xiaoling said on Tuesday that PBC might possibly adopt a mode similar to Temasek Holdings, a Singaporean state-owned financial institution, the Beijing Morning Post reported.

 

She made the remarks at the 2006 China Finance Forum1.

 

By the end of October this year, China’s foreign exchange reserves had exceeded one trillion US dollars. Although China’s financial regulatory body has never disclosed the currency composition of China’s forex reserves, many people think that US dollars make up the larger proportion of China’s forex reserves and most of these are used to buy US treasury2 bonds and other assets valued in US dollars. Since the US dollar value keeps dropping, some economists3 worry that the value of China’s foreign exchange reserves might also shrink.

 

So far, analysts4 hold different views on how to properly utilize5 China’s huge foreign exchange reserves. Some suggest that China buy more oil reserves with its foreign currency, while others propose that China should buy more gold as reserves. Still others propose that China adopt the mode of “Temasek Holdings”. In response to this proposal, Wu says that Temasek Holdings mode is actually one of the potential schemes. However, the schemes are being discussed at present and PBC has not reached the final decision yet.

 

In fact, Chinese government has inspected Temasek Holdings for a long time. Earlier, Chairman of the State-owned Assets Supervision6 and Administration Commission (SASAC) Li Rongrong went to Singapore to inspect the company’s headquarters. In a press conference held by the State Council Information Office in the middle of this month, Li mentioned the Singaporean company had spoken highly of the company’s operational mode.

 

Temasek Holdings is a government-run financial company whose shares are wholly controlled by Singaporean finance ministry7. Its return on investment (ROI) rate reaches 18% every year.

 

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1 forum cilx0     
n.论坛，讨论会
参考例句：
  • They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
  • The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
2 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。
3 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》
4 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
5 utilize OiPwz     
vt.使用，利用
参考例句：
  • The cook will utilize the leftover ham bone to make soup.厨师要用吃剩的猪腿骨做汤。
  • You must utilize all available resources.你必须利用一切可以得到的资源。
6 supervision hr6wv     
n.监督，管理
参考例句：
  • The work was done under my supervision.这项工作是在我的监督之下完成的。
  • The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。
7 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。

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