Data on Chinese foreign assets increase in 2010

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Data on Chinese foreign assets increase in 2010

In the last video, we saw that China had increased its M1 money supply from November of 2009 to November of 2010 by roughly $700 billion.

What I want to do in this videos compare that to it's increase in foreign assets.

So if we move up here, and once again, all of this data is straight from the website of the Peoples Bank of China.

And this is the URL right over here.

And so you could get it for multiple years.

And actually they have a ton of other statistics.

And so this chart tells us their foreign assets and foreign exchange.

And I'm actually going to focus on foreign assets, because when they print currency, and that's to say with their printed Yuan they go buy dollars.

With that dollar they could buy - well, they could keep it in dollars.

They could buy treasury bonds.

Or they could just go buy US assets.

So assets are the best measure of what they're holding that is denominated in other currencies.

So let's look at their growth from November of 2009 to November of 2010.

And this is why I picked November, because we didn't have December of 2010 in this chart.

So foreign assets, and once again, this is in hundred million Yuan.

Foreign assets in November, 2009 183,651, and that's in 100 million Yuan.

And then you fast forward to November, 2010 it is 212,733.

So let's, once again, put that in terms that make a little bit more sense, at least for someone who's used to dollars.

And I used a very rough approximation for the US Yuan exchange rate in the last video.

It's actually closer to 6.58 now.

But it gets us to about $700 billion increase in money supply that we got in the last video.

Now, let's check this out.

So we end up at 212,733 hundred million Yuan in foreign assets, November, 2010 minus 183,651.

So that's the difference.

Now this is in hundred million Yuan.

So let's multiply by 100.

And so this will be in million Yuan.

Now if we divide this by 1,000 this will give us billion Yuan.

So it's actually close to - its 2,900 billion Yuan.

So it's almost three trillion Yuan.

And if we want to convert this into dollars - I'll just use the same 6.5.

I could use 6.58.

Oh, let me just do 6.58.

So divided by 6.58, to put it into billions of US dollars.

So you see that there is a $440 billion increase in foreign assets when denominated in dollars.

So let's think about that.

So let's think about this.

M1, so from November, 2009 to November, 2010 M1 was up by approximately $700 billion.

And the foreign assets were up by approximately, what was that number that I just had there?

Approximately $440 billion.

So most of the expansion of their monetary base, of their M1 base, was to go out and buy foreign assets over the course of 2010.

And the balance is really just to kind of support the growth of the actual Chinese economy.

But most of it is to go out there, buy foreign assets in other currencies, and actually help keep the Yuan devalued.

This is Salman Khan of the Khan Academy for CNBC.

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Data on Chinese foreign assets increase in 2010발음듣기

다른 번역문 등록

In the last video, we saw that China had increased its M1 money supply from November of 2009 to November of 2010 by roughly $700 billion.발음듣기

다른 번역문 등록

What I want to do in this videos compare that to it's increase in foreign assets.발음듣기

다른 번역문 등록

So if we move up here, and once again, all of this data is straight from the website of the Peoples Bank of China.발음듣기

다른 번역문 등록

And this is the URL right over here.발음듣기

다른 번역문 등록

And so you could get it for multiple years.발음듣기

다른 번역문 등록

And actually they have a ton of other statistics.발음듣기

다른 번역문 등록

And so this chart tells us their foreign assets and foreign exchange.발음듣기

다른 번역문 등록

And I'm actually going to focus on foreign assets, because when they print currency, and that's to say with their printed Yuan they go buy dollars.발음듣기

다른 번역문 등록

With that dollar they could buy - well, they could keep it in dollars.발음듣기

다른 번역문 등록

They could buy treasury bonds.발음듣기

다른 번역문 등록

Or they could just go buy US assets.발음듣기

다른 번역문 등록

So assets are the best measure of what they're holding that is denominated in other currencies.발음듣기

다른 번역문 등록

So let's look at their growth from November of 2009 to November of 2010.발음듣기

다른 번역문 등록

And this is why I picked November, because we didn't have December of 2010 in this chart.발음듣기

다른 번역문 등록

So foreign assets, and once again, this is in hundred million Yuan.발음듣기

다른 번역문 등록

Foreign assets in November, 2009 183,651, and that's in 100 million Yuan.발음듣기

다른 번역문 등록

And then you fast forward to November, 2010 it is 212,733.발음듣기

다른 번역문 등록

So let's, once again, put that in terms that make a little bit more sense, at least for someone who's used to dollars.발음듣기

다른 번역문 등록

And I used a very rough approximation for the US Yuan exchange rate in the last video.발음듣기

다른 번역문 등록

It's actually closer to 6.58 now.발음듣기

다른 번역문 등록

But it gets us to about $700 billion increase in money supply that we got in the last video.발음듣기

다른 번역문 등록

Now, let's check this out.발음듣기

다른 번역문 등록

So we end up at 212,733 hundred million Yuan in foreign assets, November, 2010 minus 183,651.발음듣기

다른 번역문 등록

So that's the difference.발음듣기

다른 번역문 등록

Now this is in hundred million Yuan.발음듣기

다른 번역문 등록

So let's multiply by 100.발음듣기

다른 번역문 등록

And so this will be in million Yuan.발음듣기

다른 번역문 등록

Now if we divide this by 1,000 this will give us billion Yuan.발음듣기

다른 번역문 등록

So it's actually close to - its 2,900 billion Yuan.발음듣기

다른 번역문 등록

So it's almost three trillion Yuan.발음듣기

다른 번역문 등록

And if we want to convert this into dollars - I'll just use the same 6.5.발음듣기

다른 번역문 등록

I could use 6.58.발음듣기

다른 번역문 등록

Oh, let me just do 6.58.발음듣기

다른 번역문 등록

So divided by 6.58, to put it into billions of US dollars.발음듣기

다른 번역문 등록

So you see that there is a $440 billion increase in foreign assets when denominated in dollars.발음듣기

다른 번역문 등록

So let's think about that.발음듣기

다른 번역문 등록

So let's think about this.발음듣기

다른 번역문 등록

M1, so from November, 2009 to November, 2010 M1 was up by approximately $700 billion.발음듣기

다른 번역문 등록

And the foreign assets were up by approximately, what was that number that I just had there?발음듣기

다른 번역문 등록

Approximately $440 billion.발음듣기

다른 번역문 등록

So most of the expansion of their monetary base, of their M1 base, was to go out and buy foreign assets over the course of 2010.발음듣기

다른 번역문 등록

And the balance is really just to kind of support the growth of the actual Chinese economy.발음듣기

다른 번역문 등록

But most of it is to go out there, buy foreign assets in other currencies, and actually help keep the Yuan devalued.발음듣기

다른 번역문 등록

This is Salman Khan of the Khan Academy for CNBC.발음듣기

다른 번역문 등록

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