Arbeitspapier
Is it desirable for Asian economies to hold more Asian assets in their foreign exchange reserves? The People's Republic of China's answer
We calculate the return on the major Asian currency denominated long-term government bonds in terms of a basket of the People's Republic of China's (PRC) imports of goods and services, namely the real return on those assets from the PRC's perspective. In the sample period of January 2002 to December 2009, the real return on United States (US) treasury bills is lower than that of Japan, India, the Republic of Korea, Singapore, or Thailand's government bonds, and a little higher than that of Malaysia's government bonds. This result shows that it is desirable for the PRC to substitute Asian currency denominated government bonds for US Treasury bills to maintain the purchasing power of its foreign exchange reserves. To some extent, this research supports the proposal by Fan, Wang, and Huang (2010) on the cross holding of regional currencies in foreign exchange reserves.
- Sprache
-
Englisch
- Erschienen in
-
Series: ADBI Working Paper ; No. 306
- Klassifikation
-
Wirtschaft
Foreign Exchange
International Investment; Long-term Capital Movements
Portfolio Choice; Investment Decisions
- Thema
-
Reservewährung
US-Dollar
Vergleich
Währung
Asien
Kaufkraftparität
Währungsreserven
China
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Zhang, Bin
- Ereignis
-
Veröffentlichung
- (wer)
-
Asian Development Bank Institute (ADBI)
- (wo)
-
Tokyo
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Zhang, Bin
- Asian Development Bank Institute (ADBI)
Entstanden
- 2011
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