{"id":8105,"date":"2008-08-26T04:44:24","date_gmt":"2008-08-26T04:44:24","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/beijing_swells_dollar_reserves_through_stealth\/"},"modified":"2008-08-26T04:44:24","modified_gmt":"2008-08-26T04:44:24","slug":"beijing_swells_dollar_reserves_through_stealth","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=8105","title":{"rendered":"Beijing swells dollar reserves through stealth"},"content":{"rendered":"<p>China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy.<\/p>\n<p>A study by HSBC&#8217;s currency team in Asia has concluded that China&#8217;s central bank is in effect forcing commercial banks to build up large dollar reserves, using them as arms-length proxies in a renewed campaign of exchange rate intervention&#8230;.<\/p>\n<p>&#8220;China has used the pretext of reserve requirement hikes to help slow yuan appreciation. We estimate that the PBOC [central bank] intervened by about $49.6bn in June,&#8221; said Daniel Hui, the bank&#8217;s Asia strategist.<\/p>\n<p><a href=\"http:\/\/www.telegraph.co.uk\/money\/main.jhtml?xml=\/money\/2008\/08\/26\/ccchina126.xml\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy. A study by<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=8105\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,50,209,201,502,149,119],"tags":[],"class_list":["post-8105","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-international-news-commentary","category-americau-s-a","category-asia","category-china","category-economy","category-globalization"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/8105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8105"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/8105\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}