ChineseEnglish
    SAFE News
    • Index number:
      000014453-2019-0038
    • Dispatch date:
      2011-02-11
    • Publish organization:
      State Administration of Foreign Exchange
    • Exchange Reference number:
    • Name:
      An Interview with the SAFE on Media Coverage Concerning LossesIncurred due to Chinas Bond Investments in Fannie Mae and Freddie Mac
    An Interview with the SAFE on Media Coverage Concerning LossesIncurred due to Chinas Bond Investments in Fannie Mae and Freddie Mac

    Recently there has been media coverage indicating that China may suffer huge losses from its investments in bonds issued by the U.S.-based Fannie Mae and Freddie Mac, and the losses may amount to 450 billion U.S. dollars. An interview was conducted on relevant issues by officials of the SAFE.

    Q: There has been media coverage that China may suffer great losses from its investments in bonds issued by the U.S.-based Fannie Mae and Freddie Mac, and the amount may reach up to USD450 billion. Is this true? If so,  what is the actual amount?

    A: The white paper concerning the reform of Fannie Mae and Freddie Mac soon to be issued by the U.S. Treasury Department has aroused widespread concern that China may suffer losses in its foreign exchange reserves. There has been media coverage indicating that the lossesmay amount to 450 billion U.S. dollars. These reports are utterly groundless.

    Up to now there have been smooth capital repayments with interest from Chinas bond investments in Fannie Mae and Freddie Mac by capitalizing on the foreign exchange reserves. No losses have been incurred. Based on the relevant indices that are widely used by the market, during the three years from 2008 to 2010, Chinas annual average rate of return on its bond investments in Fannie Mae and Freddie Mac hovered around 6%. The country has never allocated its foreign exchange reserves for stock investment in Fannie Mae and Freddie Mac. So the decline in the stock price and the delisting of the stocks of the two companies have no effect on Chinas foreign exchange reserves.

    We conscientiously manage our reserve assets and invest responsibly in the international market. Security is our top priority for any investment with our foreign exchange reserves. We have taken effective measures to guard against any possible risks, and potential risks have been defused risks defused effectively. The SAFE will continue to operate the foreign exchange reserves in compliance with the established principles and will take active steps to implement prudent investment strategies so as to ensure the security of our reserve assets and to achieve reasonable returns on our investments.



    The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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