China’s State Administration for Foreign Exchange with their latest bulletin
- warns on impact of Fed tapering but believes emerging markets will be able to cope
- pace of Fed QE exit has great uncertainty
- will promote yuan capital account convertibility
- China c/a surplus to GDP ratio to stay in reasonable zone
- China 2013 capital account surplus $326.2 bln
- China 2013 current account surplus $182.8 bln
- Global liquidity won’t see massive fall in short-term