Fahad Khan 2
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In our media we only focus on our own performance versus our performance of last year, last month and our target.
Hardly another nation is mentioned for a comparison
Sound lame doesn't it
Well mate thats one of the advantages you have living in a country with state owned media. In India you have 87236728647285675 new papers, news channels and radio networks all vying for the same piece of the pie.
You can't sell without creating sensation or controversy .. and thats exactly why you have stuff like the above written piece.
Like I said .. bloody lame .. but there you have it. :/
I dont think that is the main issue
We have our own self to beat, for better or worse we deal with it
Our media hardly mention anything about our neigbour's economic performance. Not even that was high on our agenda on internet forums. Only on very contentious issues like what we are dealing with japan over the territorial claims then we have a random comparison. On normal periodic reporting we never single one country out for comparison
Tuesday, January 14, 2014 - 21:31
China 2013 FX Reserves Rise A Record $508 Bln To $3.82 Tln
BEIJING (MNI) - China's pile of foreign exchange reserves rose a record $508 billion in 2013 to $3.82 trillion, People's Bank of China data released Wednesday suggested.
Reserves rose $157.3 billion in the fourth quarter alone, according to MNI calculations of PBOC full-year data.
That compares with $166 billion during the third quarter, while 2013's full-year rise dwarfed the previous year's $130.44 billion and was greater than the previous record, set in 2007, of $462 billion.
In a sharp reversal of 2012's difficult conditions, including an unprecedented spate of outflows, Chinese authorities last year were grappling with a sizeable influx of capital which had been stirred by a combination of wavering over tightening at the Federal Reserve and China's relatively high interest rates and currency appreciation.
People's Bank of China Vice-Governor Yi Gang said recently that the costs of foreign exchange reserve accumulation now outweigh the benefits. His comments indicate that Beijing's appetite for market interventions to hold down the yuan is fading, though analysts are sceptical.
Despite background noise about outflow risks associated with Fed tapering and Beijing's ambitious capital account reform plans, Capital Economics in London has forecast another $500 billion rise in foreign exchange reserves this year.
The yuan was trading at 6.0439 shortly after Wednesday's data release, off Tuesday's record post-reform closing high of 6.0412.
MNI | China 2013 FX Reserves Rise A Record $508 Bln To $3.82 Tln
It is growing by leaps and bounds but What good will it do?? Why hold so much reserves which doesn't bring any returns??
Especially for China (exports>imports) anything beyond six months worth of import needs is way too conservative and cautious approach.
The day United States devalues its currency then all the world reserves get devalued because the reserves are skewed in favor of dollars. This hoarding of dollars by China and other countries of the world is the reason what keeps the dollars value steady.
Dollar does have intrinsic value but it is overvalued in my opinion.
It is double whammy for China because they have not only accumulated huge dollar reserves but have financed United States debt to a tune of 1.3 trillion dollars by buying their bonds and treasuries. What if US decides to devalue their currency because of their growing debt burden???
It is growing by leaps and bounds but What good will it do?? Why hold so much reserves which doesn't bring any returns??
Especially for China (exports>imports) anything beyond six months worth of import needs is way too conservative and cautious approach.
The day United States devalues its currency then all the world reserves get devalued because the reserves are skewed in favor of dollars. This hoarding of dollars by China and other countries of the world is the reason what keeps the dollars value steady.
Dollar does have intrinsic value but it is overvalued in my opinion.
It is double whammy for China because they have not only accumulated huge dollar reserves but have financed United States debt to a tune of 1.3 trillion dollars by buying their bonds and treasuries. What if US decides to devalue their currency because of their growing debt burden???