Questo articolo è apparso ieri sul Financial Times...................




"We hate you guys...but there is nothing much more we can do."

China to stick with US bonds
By Henny Sender in New York
Published: February 12 2009 02:00 | Last updated: February 12 2009 02:00


China will continue to buy US Treasury bonds even though it knows the dollar
will depreciate because such investments remain its "only option" in a
perilous world, a senior Chinese banking regulator said yesterday.
China has used the dollars it accumulates selling manufactured goods to US
consumers to accumulate the world's largest holding of Treasuries.


However, the increasing US budget deficit and its potential impact on the
dollar have raised questions about the future Chinese appetite for US debt.


Luo Ping, a director-general at the China Banking Regulatory Commission,
said after a speech in New York yesterday that China would continue to buy
Treasuries in spite of its misgivings about US finances.


"Except for US Treasuries, what can you hold?" he asked. "Gold? You don't
hold Japanese government bonds or UK bonds. US Treasuries are the safe
haven. For everyone, including China, it is the only option."
Mr Luo, whose English tends towards the colloquial, added: "We hate you
guys. Once you start issuing $1 trillion-$2 trillion [$1,000bn-$2,000bn] . .
..we know the dollar is going to depreciate, so we hate you guys but there is
nothing much we can do."


However, Mr Luo said Chinese officials would encourage its banks to finance
domestic mergers and acquisitions rather than provide rescue finance to
distressed financial companies in other countries: "There will be no
bottom-fishing of financial institutions, particularly in the US, because
there is a lot of uncertainty about the quality of the books."


Mr Luo said China intends to maintain its separation of investment and
commercial banking based on its observations of the US after repeal of the
Glass-Steagall Act that enforced a similar division of banking activities.


"To some extent, Glass-Steagall has fuelled the crisis," Mr Luo said. "The
separation of commercial and investment banking is likely to stay longer [in
China] than before." Like senior financial officials in other developing
nations - such as Mohammad Al Jasser, vice-governor of the Saudi Arabian
Monetary Agency - Mr Luo also spoke out against what he called America's
laissez-faire capitalism.


" Government ownership was viewed as something negative but the pendulum is
swinging the other way. Perhaps banking is [no different from] public
utilities where government participation is necessary," he said.


"Deregulation in the US has gone a little bit too far. The market can't be
omnipotent."

--
.....nel Klondike al tempo dei cercatori d'oro guadagnavano di più e
soprattutto in maniera costante i venditori di pale....................

"l'orsotoro®" <lami@com.it> ha scritto nel messaggio
news:49952b70$0$845$4fafbaef@reader5.news.tin.it.. .
> ....nel Klondike al tempo dei cercatori d'oro guadagnavano di più e
> soprattutto in maniera costante i venditori di pale....................

e le banche con le commissioni ...

"l'orsotoro®" ha scritto

> China will continue to buy US Treasury bonds even though it knows the
dollar
> will depreciate because such investments remain its "only option" in a
> perilous world, a senior Chinese banking regulator said yesterday.

ma se un giorno decidessero di buttare tutti i bond sul mercato? che
succederebbe?

"acme" <acme.99@2elet.ti> ha scritto nel messaggio
news:Mabll.177682$Ca.30620@twister2.libero.it...
> "l'orsotoro®" ha scritto
>>> China will continue to buy US Treasury bonds even though it knows the
> dollar
>> will depreciate because such investments remain its "only option" in a
>> perilous world, a senior Chinese banking regulator said yesterday.
> ma se un giorno decidessero di buttare tutti i bond sul mercato? che
> succederebbe?

I Tbond hanno delle scadenze......se decidessero di metterli sul mercato
tutti insieme il primo effetto sarebbe quello di deprimerne il
prezzo....quindi i cinesi ci rimetterebbero.

L'obiettivo dei possessori di bond è quello di portarli a scadenza ed
ottenere rendimenti certi.

Mettere sul mercato il proprio patrimonio equivale a dire che le proprie
condizioni economiche non stanno brillando......e hanno bisogno di liquidità
da reinserire nel meccanismo produttivo...ma la Cina al momento non ha di
questi problemi.

MaraMao wrote:

> "l'orsotoro®" <lami@com.it> ha scritto nel messaggio
> news:49952b70$0$845$4fafbaef@reader5.news.tin.it.. .
>> ....nel Klondike al tempo dei cercatori d'oro guadagnavano di più e
>> soprattutto in maniera costante i venditori di pale....................
> e le banche con le commissioni ...
e se non ricordo male qualcuno disse che per diventare ricchi non bisognava
rapinare una banca... bisognava fondarne una!

Ciao