US financial-sanction threat should make China rethink forex holdings: economist
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Zhang Ming, deputy director of the Chinese Academy of Social Sciences’ Institute of Finance and Banking, warns China to diversify its US$3.3 trillion forex reserves due to potential US financial sanctions; concerns arise ahead of the US presidential election next week; US dollar assets comprised 55% of China's reserves in 2019; China reduced US Treasury holdings by US$1.9 billion in August 2024, totaling US$774.6 billion; sanctions on Russia post-Ukraine invasion raise alarms in Beijing; Zhang advocates for a new sovereign pension fund and greater asset diversification.
#China #ForexReserves #UsDollar #Sanctions #Economy #ZhangMing #ForeignExchange #FinancialStrategy #SovereignFund #UsTreasury
https://www.scmp.com/economy/china-economy/article/3284850/chinas-forex-reserves-should-move-away-us-dollar-curb-risks-economist-zhang-ming?module=China&pgtype=section
South China Morning Post /
npub1x2…knuvq
2024-11-01 13:25:41
Author Public Key
npub1x2q0x7w5tqx0x3j9tdvkvqmetarpr8axhpjq7qw5xxrcysdwtrzssknuvqPublished at
2024-11-01 13:25:41Event JSON
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"content": "US financial-sanction threat should make China rethink forex holdings: economist\n==========\n\nZhang Ming, deputy director of the Chinese Academy of Social Sciences’ Institute of Finance and Banking, warns China to diversify its US$3.3 trillion forex reserves due to potential US financial sanctions; concerns arise ahead of the US presidential election next week; US dollar assets comprised 55% of China's reserves in 2019; China reduced US Treasury holdings by US$1.9 billion in August 2024, totaling US$774.6 billion; sanctions on Russia post-Ukraine invasion raise alarms in Beijing; Zhang advocates for a new sovereign pension fund and greater asset diversification.\n\n#China #ForexReserves #UsDollar #Sanctions #Economy #ZhangMing #ForeignExchange #FinancialStrategy #SovereignFund #UsTreasury\n\nhttps://www.scmp.com/economy/china-economy/article/3284850/chinas-forex-reserves-should-move-away-us-dollar-curb-risks-economist-zhang-ming?module=China\u0026pgtype=section",
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