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Non-Tech : Lumacom Chronicles - a study of mania and madness
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To: TobagoJack who wrote (78)11/7/2003 3:15:45 PM
From: ild  Read Replies (1) of 113
 
“Contrary to the common belief in China that hot money is mainly brought in by foreign-currency speculators, it is Chinese residents who are quietly shifting their assets out of dollars and into yuan. The growth in dollar deposits in onshore banks -- held by residents as well as enterprises -- has slowed notably since early 2001, initially in response to interest-rate differentials, but increasingly due to rising expectations that the yuan will appreciate.

“This has led to a steep decline in dollar deposits relative to yuan deposits. If one takes the difference between official reserve accumulation and the sum of the trade surplus and total foreign direct investment inflows in the first half of this year, the inflow of hot money roughly equals $25 billion. During the same period, the share of total bank deposits held in dollars declined by 0.01 percentage points, which is about $24 billion.”

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