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WebMemo #3140 on China

February 9, 2011

More Important Than the Yuan: Opening China's Capital Account

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[1]U.S. Department of the Treasury, Federal Reserve Bank of New York, and Board of Governors of the Federal Reserve System, Report on Foreign Portfolio Holdings of U.S. Securities as of June 30, 2009, April 2010, at http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/shl2009r.pdf (February 7, 2011).

[2]Li Jia, “China’s Foreign Exchange Reserves Top 2.8 Trillion USD in 2010,” People’s Daily Online, January 12, 2011, at http://english.peopledaily.com.cn/90001/90778/7258242.html (February 7, 2011); People’s Bank of China, “Financial Statistics, November 2010,” December 30, 2010, at http://www.pbc.gov.cn/publish/english/955/2010/20101228160720355427287/20101228160720355427287_.html (February 7, 2011).

[3]Andrew Batson, “China’s Reserves Already Diverse, Citi Says,” China Real Time Report, September 9, 2010, at http://blogs.wsj.com/chinarealtime/2010/09/09/chinas-reserves-already-diverse-citi-says/ (February 7, 2011); Xinhua, “China’s External Debt Reaches 546.4 Bln U.S. Dollars by Last Sept.,” January 19, 2011, at http://news.xinhuanet.com/english2010/china/2011-01/19/c_13698193.htm (February 7, 2011).

[4]Derek Scissors, “China’s Investment Overseas in 2010,” Heritage Foundation WebMemo No. 3133, February 3, 2011, at http://www.heritage.org/Research/Reports/2011/02/Chinas-Investment-Overseas-in-2010; Derek Scissors, “China Is a Banker Over a Barrel,” Heritage Foundation Commentary, March 16, 2009, at http://www.heritage.org/Research/Commentary/2009/03/China-is-a-banker-over-a-barrel (February 7, 2011).

[5]Andrew Batson, “Beijing Reveals Small Parts of Big Stimulus,” The Wall Street Journal, November 15, 2008, at http://online.wsj.com/article/SB122670803014529937.html (February 8, 2011).

[6]Xinhua, “China Expands Yuan Trade Settlement Trial,” December 7, 2010, at http://www.china.org.cn/business/2010-12/07/content_21491360.htm (February 7, 2011); Xinhua, “HKMA Welcomes Overseas Yuan Fund Investment,” August 18, 2010, at http://www.chinadaily.com.cn/business/2010-08/18/content_11170066.htm (February 7, 2011); Gertrude Chavez-Dreyfuss and Saikat Chatterjee, “Bank of China Allows US Customers to Trade Yuan,” Reuters, January 12, 2011, at http://us.mobile.reuters.com/article/topNews/idUSTRE70B11S20110112?feedType=RSS&feedName=topNews (February 7, 2011); Xinhua, “China Starts Pilot Scheme for Settlement of Oversea Direct Investments in Yuan,” January 13, 2011, at http://news.xinhuanet.com/english2010/china/2011-01/13/c_13689615.htm (February 7, 2011).

[7]Ma Yuan, “Wenzhou’s Overseas Investment Trial Halted,” Caixin Online, January 24, 2011, at http://english.caing.com/2011-01-24/100220616.html (February 7, 2011).

[8]Chi Lo, “How Much Time Does China Have?” The China Business Review Online, March–April 2004, at http://www.chinabusinessreview.com/public/0403/chilo.html (February 7, 2011); Xinhua, “Profits of Chinese State-Owned Enterprises Up 9.8 Pct in 2009,” January 20, 2010, at http://www.gov.cn/english/2010-01/20/content_1515283.htm (February 7, 2011); Wang Lan, “China Checking on Leap in Bill Financing—Report,” Reuters, February 16, 2009, at http://in.reuters.com/article/2009/02/16/china-economy-loans-idINPEK10431120090216 (February 7, 2011).

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