After increasing relentlessly for two decades, China’s foreign exchange reserves started to decline about a year ago, and during the crisis month of August 2015 they plummeted alarmingly. Seen by many investors as a signal of waning confidence in the credibility of Chinese economic policy, a collapse in the reserves is now taken as one of the prime reasons to dump risk assets on a global basis. As the balance sheet of the PBOC shrinks, investors fear that “quantitative tightening” will be triggered in developed bond markets, and worry that a credit crunch will occur in China itself.
在連續(xù)不停地增加20年之后，中國(guó)的外匯儲(chǔ)備在大約一年前開(kāi)始減少，在2015年8月的危機(jī)期間以令人震驚的幅度下降。在許多投資者眼里，這是市場(chǎng)對(duì)中國(guó)經(jīng)濟(jì)政策可信度的信心在降低的標(biāo)志，中國(guó)外匯儲(chǔ)備大幅減少現(xiàn)在被列為在全球范圍拋售風(fēng)險(xiǎn)資產(chǎn)的主要原因之一。隨著中國(guó)央行(PBoC)資產(chǎn)負(fù)債表縮小，投資者害怕這將在在發(fā)達(dá)國(guó)家債券市場(chǎng)觸發(fā)“量化緊縮”，并擔(dān)心中國(guó)自身將發(fā)生信貸危機(jī)。