China has nearly $2 trillion in foreign exchange reserves, the highest in the world. From the outside world, this is a great advantage and an insurance policy against economic turmoil. However, in China, the public and even some policy makers increasingly regard these reserves as a headache-a huge resource pool that is not used at home. If the dollar depreciates, it will also depreciate. People ask, why should such a relatively poor country provide funds to such a rich country?

Even in the elite, this frustration will occasionally erupt. Luo Ping, director of the training center of China Banking Regulatory Commission (CBRC), complained during a visit to new york last week: "We hate you. Once you start issuing bonds of 65,438+0 trillion to 2 trillion dollars ... we know that the dollar will depreciate. So we hate you, but we can't help it. "

With the rapid economic slowdown in China, the debate on how to manage foreign exchange reserves has become increasingly fierce. Some people suggest spending money at home, others think that investment should be diversified, and the knowledge of continuing to buy US Treasury bonds is under attack.

For the Obama administration, this debate is of great significance. At the very least, the China administration may become stronger in trying to influence American economic policy. Yu Yongding, a famous economist at the China Academy of Social Sciences, said: "(China and the United States) should be more mutually beneficial; There should be some kind of guarantee to defend our interests. " He said that Washington "should at least do better" in view of China's important role in filling the US deficit.

In the recent financial history, the surge of China's foreign exchange reserves has become one of the more noticeable events. The official figure is $65,438 +0.95 trillion, but according to Brad? 6? Brad Setser estimates that the actual scale is closer to $2.3 trillion, equivalent to $65,438+$0.600 per capita in China.