Experience in many countries tells us that by accumulating foreign exchange reserves, eventually the monetary policy consequences could be big.
More Quotes from Masahiro Kawai:
Bond markets are deepening worldwide, but emerging East Asia is moving ahead at a faster rate.Masahiro Kawai
The individual exchange rates won't be supported officially...but if this index is relatively stable vis-a-vis external currencies then it's quite useful.
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The market is still growing. But the growth rate in 2005 moderated a little bit from the previous year's growth.
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We have a plan to create several indexes, but we want to make these indexes as attractive as possible to the market.
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Perhaps China is accumulating too much foreign exchange reserves.
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