The writer is a senior fellow at the Council on Foreign Relations and a former US Treasury official
本文作者是美国外交关系委员会(Council on Foreign Relations)高级研究员，曾任美国财政部官员。
China continues to buy US dollars at pace, and it is no doubt amassing additional holdings of foreign securities too. In December, its state banks and central bank bought more than $100bn of foreign exchange in the market. January purchases were only slightly smaller.
中国仍在以较快速度买入美元，并且无疑也在增持外国证券。去年12月，中国的国有银行和央行在市场上购入了逾1000亿美元的外汇。1月的购买规模仅略低一些。
If you are only looking at the balance sheet of the People’s Bank of China, this might not have been evident. The formal foreign exchange reserves of China’s central bank have not been rising rapidly, but do not be fooled. The dollars that China Inc bought in the market in the past few months are being warehoused by the country’s big state-owned financial institutions, which added the unprecedented $100bn to foreign assets in December and another $70bn in January.
如果你只查看中国央行的资产负债表，这一趋势可能并不明显。中国央行的官方外汇储备并未迅速上升，但不要被这一表象所迷惑。过去数月，中国在市场上购入的美元正存放在该国的大型国有金融机构中，这些机构持有的外国资产在12月增加了前所未有的1000亿美元，并在1月再增加700亿美元。