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Friday, March 29, 2024

China’s SAFE Official Statement Denies Disposing Of Eurobond Holdings

Courtesy of Tyler Durden

There has been much talk about the FT’s story that China could be evaluating its eurobond holdings. So much in fact that the Chinese State Administration of Foreign Exchange has issued an official statement denying the validity of the story: an unprecedented step by the Chinese to respond to market rumors. We are surprised that SAFE actually found time to write this up with all the EUR buying that everyone in China seems to be doing these days. “China’s foreign exchange reserves as a responsible long-term investors, and always adhere to the principle of decentralized investment, the European market in the past, present and future foreign exchange reserves are one of the most important investment market.” For a minute there we wonder what they were expected to say: “Yes, we are only buying gold and oil going forward. So please don’t buy it ahead of us.” 

Google translated from Chinese:

Head of the State Administration of Foreign Exchange on foreign reports about the “China Eurobonds held by SAFE are evaluating,” A reporter asked the question
—————————————————————————————– ————————————————– —————————————

“China Eurobonds held by SAFE are evaluating,” What is your comment?
The head of the State Administration of Foreign Exchange:
The reports are groundless.
China has always firmly supported the EU integration process. We support the European Union and the International Monetary Fund package of financial stability measures being taken. I believe the joint efforts of the international community, the euro zone will be able to overcome difficulties and maintain the stability of European financial markets and healthy development.
China’s foreign exchange reserves as a responsible long-term investors, and always adhere to the principle of decentralized investment, the European market in the past, present and future foreign exchange reserves are one of the most important investment market.

 

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