There has been much discussion recently about making more efficient use of the country’s foreign exchange reserve, which has climbed to more than US$ 3.4 trillion as of April.
One eye-catching idea advocates directly handing out the reserve to the people.
However, Zhang Bin, a research fellow at the Institute of World Economics and Politics, which is under the Chinese Academy of Social Sciences, opposes the proposal. He stated his ideas in an article published by China Reform, a Chinese-language sister magazine of this publication.
Zhang opposition mainly stemmed from his concern about maintaining the stability of the yuan exchange rate. He also doubted that the general public would be willing to hold forex in lieu of yuan given the yuan’s prospect of continued appreciation.
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Tie Jin via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/yulI6qDsXAo/
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