告诉你一个真实的数字：中国买了多少两房债券？---zt ywa1968

告诉你一个真实的数字：中国买了多少两房债券？

来源: ywa1968 于 2011-07-13

2008年美国两房濒临崩盘时，中国到底有多少两房债券？

众说纷纭。主流观点是3000-4000亿美元；还有人说是4500亿美元。

我当时就纳闷：2008年中国对美贸易顺差是2600亿美元，因此增持了2000亿美元国债，手里剩下600亿美元，怎么可能拿了3000-4000亿两房？中国人民银行的管理一向是原始而又保守的。这个转变也太突然了吧。

尘埃落定之后，我终于发现确实是3000-4000亿，不过不是美元，是人民币。而且已经抛得差不多了，剩下的不到100亿美元，还本付息正常。算是安全脱身了。

据我考证，现在美联储和美国财政部手里一共有14528亿美元的两房白条，慢慢消化吧，不急。

China Banks Sell Fannie Mae, Freddie Mac Bonds Feb 18, 2011

SHANGHAI, February 18, SinoCast -- Bonds of Fannie Mae and Freddie Mac controlled by Chinese institutions drew rising attention after the US government unveiled its plan to shut down the two government-backed companies last Friday.


The State Administration of Foreign Exchange (SAFE), China Investment Corp. (CIC), and Chinese commercial banks are among the biggest holders of such bonds. The security of these bonds drew rising attention of investors, especially after the two US companies delisted from the New York Stock Exchange on July 8, 2010. According to Zhang Monan, a researcher at the State Information Center (SIC), such bonds held by Chinese institutions totals about CNY 300 billion to CNY 400 billion, currently.

The SAFE said recently that related repayment of principal and interest was ongoing and the major potential risk had been reconciled. A top executive of a large-sized state bank said in an interview that Chinese commercial lenders continued selling such bonds after the global financial crisis, thus the remaining amount was not large.

Statistics show that book value such bonds owned by Bank of China (BoC, SEHK: 3988 and SHSE: 601988) reached USD 819 million, or CNY 5.56 billion, as at the end of June 2010. Besides, that of housing mortgage loan bonds guaranteed by the two companies and owned by the biggest Chinese foreign exchange lender amounted to about USD 1.66 billion, or CNY 11.3 billion. Currently, the repayment of principal and interest is ongoing and the figures stood at about USD 1.69 billion and USD 2.66 billion as at the end of June 2009. Chinese commercial banks began selling such bonds when the financial crisis just started and as at June 30, 2008, the book value of bonds of the two US companies controlled by BoC hit about USD 10.64 billion. Of the total, 99.81 percent were of AAA rating. That of Fannie Mae and Freddie Mac-guaranteed housing mortgage loan bonds BoC owned was USD 6.65 billion. The figures dropped to USD 7.5 billion and USD 5.17 billion each on August 25, 2008 and USD 5.05 billion and USD 3.71 billion as at the end of that year.

Over 70 percent of Fannie Mae's and Freddie Mac's bonds are controlled by the US Treasury, the Federal Reserve as well as local institutional investors such as the pension fund. "So to some extent, provided that the two companies go bankrupt, the US and its local investors will be hurt much," pointed out industry observers.

(USD 1 = CNY 6.58)