♠ Posted by Emmanuel in China
at 4/13/2007 09:17:00 PM
I still get a kick out of the unaptly named State Administration of Foreign Exchange (SAFE) that has the unenviable task of "safekeeping" China's foreign exchange reserves. The biggest problem as pointed out by many are the risks posed to the country of a virtually guaranteed dollar devaluation. What has been galling--to me at least--is that the SAFE English site has lamely tried to cover up China's now $1.2T pile by not updating its figures since, oh, September 2006 at the convenient level of $987B. Message to the Chinese government: just because you don't publish FX reserve figures anymore on the English SAFE site and publish them elsewhere in RMB is not a clever ruse. Henceforth, I now consider SAFE rather DEADLY--Disingenuous Effort At Disguising Lots of Yuckiness. When the day of reckoning comes and the dollar falls yet more from its current depths, China and other dollar buyers will have no one to blame but themselves for their lack of foresight.
