Data on Chinese foreign assets increase in 2010

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Data on Chinese foreign assets increase in 2010발음듣기

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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

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

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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

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And this is the URL right over here.발음듣기

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And so you could get it for multiple years.발음듣기

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And actually they have a ton of other statistics.발음듣기

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

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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

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

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They could buy treasury bonds.발음듣기

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Or they could just go buy US assets.발음듣기

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

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

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

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

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

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

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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

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

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It's actually closer to 6.58 now.발음듣기

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

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Now, let's check this out.발음듣기

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

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So that's the difference.발음듣기

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Now this is in hundred million Yuan.발음듣기

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So let's multiply by 100.발음듣기

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And so this will be in million Yuan.발음듣기

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

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

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So it's almost three trillion Yuan.발음듣기

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

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I could use 6.58.발음듣기

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Oh, let me just do 6.58.발음듣기

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

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

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So let's think about that.발음듣기

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So let's think about this.발음듣기

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

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

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Approximately $440 billion.발음듣기

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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

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

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

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

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