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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: russwinter	6/4/2005 7:31:56 PM
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May 31 – MktNews: “The idea of buying oil with foreign exchange reserves appears to be gaining momentum in China amidst growing calls within and without the government for its massive reserves to be put to better use. A decision use its reserves to buy oil could meet the government’s concerns about energy security, help reduce exposure to the volatility of the global currency markets and even go some way to defusing criticism about the yuan’s valuation, analysts said. China’s reserves hit $659 bln at the end of March, with the creaking banking system and now oil reserves topping the list of suggested alternate uses for the cash.” June 3 – Bloomberg (Rob Delaney and Amit Prakash): “China doesn’t want a large increase in its foreign currency reserves, Commerce Minister Bo Xilai said today at a meeting of Asia-Pacific ministers… ‘China does not want to have a large incremental reserve of foreign exchange holdings because it causes problems for the Chinese government,’ he said… ‘We will handle this matter appropriately in a very responsible way.’”

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