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DVDs of GATA''s Gold Rush 21 conference go on sale
8:33p ET Tuesday, January 10, 2006
Dear Friend of GATA and Gold:
The comment of the Chinese central bank official
reported by the Reuters story appended here --
that China is not likely to "reduce its current
dollar assets to increase the proportion of other
assets,"even as "every country wants to diversify
its reserves -- can be construed to suggest that
China will apply NEW dollar receipts to other
assets. Of course that alone would be more than
enough to drive the prices of those assets up
while eroding the U.S. dollar, letting dollar
creation overwhelm foreign buying of dollars.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee
* * *
China Unlikely to Sell Dollar Assets,
Central Bank's Research Chief Says
From Reuters
Tuesday, January 10, 2006
http://today.reuters.com/business/newsarticle.aspx?
type=tnBusinessNews&storyID=nPEK72486&imageid=&cap=
BEIJING -- China is unlikely to sell current U.S. dollar assets in
its foreign reserves to diversify its holdings, the chief of
research at the central bank said on Tuesday, contradicting market
speculation.
Media last week had wrongly interpreted a statement from the foreign
exchange regulator as meaning that China would sell U.S. dollar
assets, Tang Xu, director-general of the research bureau of the
People's Bank of China, told Reuters.
The reserves now exceeded $800 billion, he said.
Asked whether the yuan would appreciate sharply, Tang said: "It is
unlikely."
The new forex trading system introduced since the currency's 2.1
percent revaluation in July was more flexible and responsive to
market supply and demand, he added.
"The general trend is that every country wants to diversify its
reserves," Tang said on the sidelines of a conference.
"No one is willing to put all of their eggs in one basket and it is
impossible for China to put all its forex reserves, which exceed
$800 billion, in one currency.
"But it is unlikely that China would reduce its current dollar
assets to increase the proportion of other assets," he said.
Dollar assets still dominated the reserves, whose mix was based on
the currencies that denominated China's exports and imports.
On Thursday, China's State Administration of Foreign Exchange issued
a statement on its priorities for 2006 and said it would "improve
the operation and management of foreign exchange reserves and
actively explore more effective ways to utilise reserve assets."
Investors globally and some media took that as a hint that China may
diversify into other currency holdings or commodity-based assets.
"That was definitely a misunderstanding," Tang said.
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