Chinas Schwierigkeiten, zu investieren

NEW YORK: China sitzt inzwischen auf 2,4 Billionen Dollar Devisenreserven, dem größten Vorrat weltweit (Japan steht mit einer Billion Dollar auf Platz 2). Nur bereitet dieser Schatz den Funktionären der KPCh inzwischen Kopfschmerzen: Wo sollen sie bloß das ganze Geld parken?

Internationale Bankexperten schätzen, dass rund zwei Drittel der chinesischen Reserven in Dollaranlagen investiert sind. Mit anderen Worten: China ist Eigentümer eines riesigen Brockens der wachsenden Schulden Amerikas. Die in diese konservativen Finanzinstrumente investierten chinesischen Reserven sind relativ sicher, bringen jedoch nur eine sehr geringe Rendite. Aber sie haben der chinesischen Volkswirtschaft geholfen, indem sie es den Amerikanern ermöglichten, mehr chinesische Waren zu kaufen, als sie von Rechts wegen brauchen.

Nun naht für beide Seiten dieser kodependenten, letztlich dysfunktionalen wirtschaftlichen Beziehung die Stunde der Wahrheit. Erstens gibt es Grenzen, wie viele Billionen Dollar China in US-Schatzanleihen unterbringen kann und sollte. Denn sollte der Dollar abwerten, wird sich China wünschen, nicht zu viel auf die US-Karte gesetzt zu haben. Anleger müssen ihre Risiken streuen, und das gilt auch für China.

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