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Market Strategy

Is China Passing the Buck?

By Arnab Das, Rachel Ziemba and Natalia Gurushina
Sep 20, 2010 6:00:00 PM | Last Updated

EXECUTIVE SUMMARY

While still signaling that it maintains a large exposure to the USD, China stepped up JPY and KRW purchases in mid 2010. This portfolio shift into currencies of key Asian and other non-western trading partners may help mitigate China’s dollar dilemma in various ways:

  • This move may help transfer some USD concentration risk to third countries, if they step up their own dollar purchases to prevent excessive appreciation of their currencies (as Japan has begun to).
  • China is deepening trading relationships by providing (vendor) financing to a wider range of trading[...]

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