After increasing relentlessly for two decades, China’s foreign exchange reserves started to decline about a year ago, and during the crisis month of August 2015 they plummeted alarmingly. Seen by many investors as a signal of waning confidence in the credibility of Chinese economic policy, a collapse in the reserves is now taken as one of the prime reasons to dump risk assets on a global basis. As the balance sheet of the PBOC shrinks, investors fear that “quantitative tightening” will be triggered in developed bond markets, and worry that a credit crunch will occur in China itself.
在連續不停地增加20年之后，中國的外匯儲備在大約一年前開始減少，在2015年8月的危機期間以令人震驚的幅度下降。在許多投資者眼里，這是市場對中國經濟政策可信度的信心在降低的標志，中國外匯儲備大幅減少現在被列為在全球范圍拋售風險資產的主要原因之一。隨著中國央行(PBoC)資產負債表縮小，投資者害怕這將在在發達國家債券市場觸發“量化緊縮”，并擔心中國自身將發生信貸危機。