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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (93504)4/16/2001 2:52:40 PM
From: John Pitera  Read Replies (1) of 436258
 
China's Hard currency reserves really shot up, I guess they are just stockpiling everything -g-

China Says Its Reserves
Of Hard Currency Jump
By ANDREW BATSON
Dow Jones Newswires

BEIJING -- China's hard-currency reserves grew $10.4 billion in the first quarter of this year to $176 billion, a surprisingly large increase that analysts attributed to fresh inflows of direct and portfolio investments.

The growth in the first three months of the year was only slightly less than the $10.9 billion increase in hard-currency reserves recorded for all of 2000.

With China's trade surplus down about $500 million from the same period last year, analysts said the only explanation for the expanding reserves is increased inflows of investment.

"One factor is the opening of the Class B share market to local investors," said Xu Xiaonian of China International Capital in Beijing. The higher volume and increased liquidity ushered in by the opening of that market segment has attracted more foreign investors, particularly from Hong Kong, he said.

But economists said the growth in hard-currency reserves so sharply exceeded forecasts that they are still assessing contributing factors. China's State Administration of Foreign Exchange declined to comment on the reserves' growth...........
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