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Amid the debt-ceiling debate and the end of QE2, everybody's worried about whether China, the world's biggest foreign holder of US debt, will keep buying Treasurys. A Reuters report today hearkens back to a happier time, when China was apparently buying too much Treasury debt.
在美国社会热议联邦政府负债上限以及美联储的第二轮量化宽松货币政策宣告结束之际,所有的人都担心,作为美国国债的最大海外持有人,中国会不会继续购买美国国债。路透社(Reuters)周四的一篇报道重温了中国显然在过量购买美国国债的好时光。
Apparently a couple of years ago, China was using a loophole in the Treasury auction process called a 'guaranteed bid' to hide some of its Treasury purchases, in order to get around a law that prevents any one buyer from taking up more than 35% of an auction.
AP盖特纳与温家宝。(照片拍摄于2009年6月)几年前,中国显然利用了美国国债拍卖过程中的一个被称作“担保投标”(guaranteed bid)的漏洞,以掩盖自己的一些国债购买行为,从而得以绕开美国的一项法律规定,该法规禁止任何单一买家在一次拍卖中买去35%以上的所拍国债。
Emily Flitter writes: Emily Flitter
在路透社这篇报道中写道:
When Treasury caught wind of this, according to Emily's report, they hustled to close the "guaranteed bid" loophole, though in order to keep from ruffling China's feathers they didn't say that's what they were doing:
美国财政法在发现这一情况后,急忙赌上了“担保投标”这个漏洞,但为了不激怒中国,美国财政部没有宣布这一行动。
The dollar-and-cent implications of all of this aren't monumental. The rule change resulted in more 'indirect' bidders at Treasury auctions, typically a proxy for central-bank buying.
财政部这项行动的纯经济影响并不大。规则的改变导致美国国债拍卖中出现了更多“非直接”竞标者,这些人通常是外国央行的代理人。
But it is a compelling example of the diplomatic contortions the Treasury Department must undergo to keep its biggest customer happy. It's also an example of how difficult it has been to keep track of just how much Treasury debt the biggest customer is buying and holding.
但此事突出说明,美国财政部为了让它的最大客户满意,必须在外交上做出哪些曲意迁就。人们从这一事例中也可以看出,要想了解中国究竟购买和持有了多少美国国债是多么困难。
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