【英语中国】中国真的在抛售日圆吗?

  • A+
所属分类:双语中国

2010-11-11 02:35

小艾摘要: The mystery deepens on who exactly is buying the yen.Over the summer, as the yen swelled in strength versus the greenback, some blame was placed on the shoulders of China, who had been snapping yen at ...
The mystery deepens on who exactly is buying the yen.

Over the summer, as the yen swelled in strength versus the greenback, some blame was placed on the shoulders of China, who had been snapping yen at a record pace through July, according to Ministry of Finance data.

Then, just as quickly as they had been buying, they started to sell. In August, China sold 2 trillion yen ($24 billion) after scooping up 2.3 trillion from January to July.

In September, according to the latest data released Tuesday, China sold another 700 billion yen, putting it down 400 billion for the year.

So is China out of the mix?

Maybe not. Bank of America--Merrill Lynch strategist Tomoko Fujii notes that the the data also show major purchases from accounts in the U.K., a favorite banking spot for emerging market governments. As economists have long notedChina uses private banks in London and Hong Kong to conduct some of its foreign purchases. That makes it difficult to use government statistics on holdings of its bonds to know exactly who is buying what.

In August and September, London accounts took in 8 trillion yen, more than making up for the sale of yen from Chinese accounts. Hong Kong accounts added another 5 trillion yen. Of course, there's no way to know how much of that might be coming from China, if at all. It could be from macro hedge funds or other governments keen on the Japanese currency. And since London is the world's capital of foreign exchange trading, it makes sense that the U.K. is a major source of yen demand.

There are good reasons besides foreign buying for why the yen is strong. Quantiative easing by the Federal Reserve to keep U.S. interest rates low makes it less attractive for Japanese investors to put their savings into dollar denominated investments such as Treasurys.

And Japan has a persisent current account surplus, which is a key booster of a currency's strength. The current account surplus hit $19.9 billion in September. To help weaken the yen, Japanese officials are now encouraging businesses to use then to invest abroad.

Alex Frangos

Reuters谁在买入日圆?
到底谁在买入日圆,这个谜变得越发深不可测了。

这个夏天,随着日圆兑美元的走强,一些指责将矛头对准了中国。据财政部数据,中国到7月底之前都在以前所未有的规模购入日圆。

接下来,中国开始抛售日圆,抛售速度如同它过去买入日圆时的一样快。中国在1至7月间购入了2.3万亿日圆后,8月份抛售了2万亿日圆(约合240亿美元)。

据周二公布的最新数据,中国9月份再次抛售了7000亿日圆,至此中国今年的日圆持有量减少了4000亿。

那么,中国是“出局”了吗?

也许不是。美国银行-美林(Bank of America --Merrill Lynch)策略师藤井知子(Tomoko Fujii)指出,还有数据表明一些大手笔的购买是来自英国的帐户,英国是新兴市场政府锺爱的开展银行业务的地点。正如经济学家长期以来指出的,中国利用伦敦和香港的私人银行进行部分海外购买行动。这使得利用政府有关其债券持有量的数据来判断究竟是谁在买些什么变得困难。

在8月和9月间,伦敦帐户购入了8万亿日圆,超过了中国帐户抛售日圆的数量。此外香港帐户买入了5万亿日圆。当然,即便这其中有来自中国的部分,也无从知道具体数目为何。买家可能是大型对冲基金或是热衷于日圆的其他政府。而且鉴于伦敦是世界外汇交易之都,要说英国是日圆的主要需求者也说得通。

至于日圆为何走强,除了海外买入者之外也还有其他充分的原因。美联储(Federal Reserve)为维持美国低息环境而实行的定量宽松政策使得日本投资者不再像以往那样愿意把他们的资金投到诸如美国国债这类以美元计价的投资品中。

此外,日本长期处于经常项目盈余状态,这也是促使日圆走强的一个关键因素。日本9月份经常项目盈余达到199亿美元。为了抑制日圆上涨,日本官员如今正鼓励企业用日圆进行海外投资。

Alex Frangos

(本文版权归道琼斯公司所有,未经许可不得翻译或转载。)

本文关键字:双语阅读,小艾英语,双语网站,双语中国,实时资讯,互联网新闻,ERWAS,行业解析,创业指导,营销策略,英语学习,可以双语阅读的网站!
  • 我的微信
  • 扫一扫加关注
  • weinxin
  • 微信公众号
  • 扫一扫加关注
  • weinxin

发表评论

:?: :razz: :sad: :evil: :!: :smile: :oops: :grin: :eek: :shock: :???: :cool: :lol: :mad: :twisted: :roll: :wink: :idea: :arrow: :neutral: :cry: :mrgreen: