Ouyang, Alice; Rajan, Ramkishen - Centre for International Economic Studies, School of … - 2005
China is the largest reserve holder among developing countries, having amassed over US$ 600 billion of reserves by end 2004. Given the potential liquidity overhang concerns in China due to the rapid reserve buildup, the PeopleÂ’s Bank of China (PBOC) has actively attempted to sterilize these...