中国流动性过剩之战略企业管理(英文)(pdf 43页)

China’s trade surplus has soared since 2004 and
maintains a robust pace in 2007. In the first half of
2007, the trade surplus totaled US$112.6bn, up
83% from a year ago.
• Liquidity brought in by FDI is also sizable –
average annual FDI inflow reached US$60bn in
2001-06.
• Expectation of further Rmb appreciation attracted
speculative hot money inflow.
Under-managed exchange rate; PBoC is forced to
issue currency to settle trade surplus and capital
inflow.
• Although PBoC has turned much more proactive
in open market operations and has kept raising the
required reserve ratio (RRR) to lock up more
liquidity, the overall net supply of liquidity in the
domestic market has been excessive in the past
few years when China exports sky-rocketed.……
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