{"id":2087,"date":"2017-01-12T16:00:06","date_gmt":"2017-01-12T16:00:06","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=2087"},"modified":"2017-01-24T15:42:25","modified_gmt":"2017-01-24T15:42:25","slug":"le-yuan-chinois-la-question-a-50-000-dollars","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2017\/01\/le-yuan-chinois-la-question-a-50-000-dollars\/","title":{"rendered":"Le yuan chinois : la question \u00e0 50 000 dollars"},"content":{"rendered":"<p>Comme pr\u00e9vu, la Chine a annonc\u00e9 la semaine derni\u00e8re la reconduction de la limite l\u00e9gale d\u2019achat de dollars de 50 000 dollars par individu. Une chose a toutefois chang\u00e9 : l&rsquo;Administration publique des changes (SAFE) a durci la surveillance des achats de devises. Les demandeurs sont d\u00e9sormais tenus d\u2019exposer de fa\u00e7on d\u00e9taill\u00e9e le but de leurs transactions afin de garantir le caract\u00e8re \u00ab\u00a0appropri\u00e9\u00a0\u00bb des achats (par exemple, des \u00e9tudes\/du tourisme\/des affaires\/des traitements m\u00e9dicaux \u00e0 l\u2019\u00e9tranger, ainsi que l\u2019achat d\u2019assurances hors investissement et de services de conseil), ajoutant ainsi une nouvelle couche de bureaucratie, afin de tenter de r\u00e9duire les achats.<\/p>\n<p>A l\u2019occasion d\u2019un voyage d\u2019affaires \u00e0 Hong Kong l\u2019an pass\u00e9, j\u2019ai discut\u00e9 avec un analyste du r\u00e9gime et du contr\u00f4le des capitaux en Chine. J\u2019ai abord\u00e9 mon <a href=\"https:\/\/bondvigilantes.com\/francais\/2021\/12\/15\/combien-de-temps-faudra-t-il-a-la-chine-pour-atteindre-le-plancher-de-la-fourchette-d-adequation-des-reserves-de-change\/\" target=\"_blank\"><strong>blog<\/strong><\/a> dans lequel j\u2019ai mis les sorties de capitaux en perspective en calculant le niveau appropri\u00e9 des r\u00e9serves de change gr\u00e2ce \u00e0 une mesure courante, le ratio d\u2019ad\u00e9quation des r\u00e9serves (\u00ab\u00a0Reserve Adequacy Ratio\u00a0\u00bb, ARA) qui est un indicateur des r\u00e9serves par rapport aux niveaux d&rsquo;endettement, aux agr\u00e9gats mon\u00e9taires et aux \u00e9changes commerciaux. Cette fois-ci, je simplifie les choses en r\u00e9pondant \u00e0 une simple question :<\/p>\n<p><strong>Si 1 % de la population d\u00e9cide d\u2019acheter 50 000 dollars, comment cela se mesure-t-il par rapport aux r\u00e9serves de change effectives d\u2019un pays ?<\/strong><\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/china-renminbi-FR1.png\" data-rel=\"lightbox-gallery-LFBfD9sF\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2098\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/china-renminbi-FR1.png\" alt=\"china-renminbi-fr1\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/china-renminbi-FR1.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/china-renminbi-FR1-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/china-renminbi-FR1-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>A premi\u00e8re vue, \u00e0 23 % des r\u00e9serves de change, la demande potentielle de dollar am\u00e9ricain de la part des particuliers chinois n\u2019est pas tr\u00e8s \u00e9loign\u00e9e du r\u00e9sultat moyen de 28 %. Toutefois, les pays sont h\u00e9t\u00e9rog\u00e8nes. En effet, la plupart des pays dot\u00e9s d\u2019un r\u00e9gime de change flottant ont un compte de capital ouvert. Il est \u00e9galement important de noter que l\u2019exercice inclut les pays dot\u00e9s d\u2019importants exc\u00e9dents de leur balance courante, tels que la Cor\u00e9e et Isra\u00ebl, qui ont accumul\u00e9 dans le pass\u00e9 de vastes r\u00e9serves via leurs interventions destin\u00e9es \u00e0 emp\u00eacher une nouvelle appr\u00e9ciation de leurs devises<sup>[i]<\/sup>. Enfin, des pays comme l\u2019Inde ont de vastes populations, mais de faibles revenus par habitant (se reporter \u00e0 la derni\u00e8re colonne du tableau). Par cons\u00e9quent, et m\u00eame si nous ne disposons pas de pr\u00e9cisions sur l\u2019asym\u00e9trie du revenu par habitant au-del\u00e0 du coefficient de Gini (il est donc difficile d&rsquo;estimer la facilit\u00e9 pour 1 % des habitants indiens d\u2019acc\u00e9der \u00e0 50 000 dollars d\u2019\u00e9pargne), il sera selon toute probabilit\u00e9 plus difficile de le faire pour, par exemple, les Indon\u00e9siens.<\/p>\n<p>Les pays dot\u00e9s d\u2019un r\u00e9gime de change fixe et un compte de capital ouvert ont besoin de poss\u00e9der un tampon de r\u00e9serves bien plus important. C\u2019est d\u2019ailleurs pr\u00e9cis\u00e9ment ce qu\u2019indique le tableau avec cette mesure qui ressort \u00e0 un niveau bien inf\u00e9rieur entre 1 % \u00e0 3 %.<\/p>\n<p>La Chine se trouve quant \u00e0 elle quelque part entre les deux. Elle n\u2019a pas de r\u00e9gime de change flottant et les restrictions sur le compte de capital demeurent notables. Les niveaux d\u2019endettement des entreprises sont extr\u00eamement \u00e9lev\u00e9s ; aussi, un resserrement agressif de la politique mon\u00e9taire afin de rendre les actifs en yuan plus attractifs n\u2019est pas une option ais\u00e9e. Compte tenu de l\u2019importance de l\u2019\u00e9pargne des m\u00e9nages (il n\u2019existe pas de donn\u00e9es relatives \u00e0 l\u2019\u00e9pargne des m\u00e9nages pour tous les pays, raison pour laquelle j\u2019ai pass\u00e9 cet \u00e9l\u00e9ment important sous silence dans mes calculs, mais la Chine a potentiellement l\u2019\u00e9pargne des m\u00e9nages la plus \u00e9lev\u00e9e de tous les pays mentionn\u00e9s), la demande comprim\u00e9e subsistera aussi longtemps que durera l\u2019impression d\u2019un d\u00e9s\u00e9quilibre dans les afflux et sorties de capitaux dont le dollar fait l\u2019objet. Sur une note plus encourageante, les changements graduels apport\u00e9s au r\u00e9gime de change de la Chine sont autant de pas dans la bonne direction, celle d\u2019un r\u00e9gime plus flexible<sup>[ii]<\/sup>. Mais, sur la base des mesures approximatives ci-dessus, un r\u00e9gime de change flottant avec une totale mobilit\u00e9 des capitaux n\u2019est pas pour demain.<\/p>\n<p>Le nouvel an chinois approche \u00e0 grand pas et nous c\u00e9l\u00e8brerons tr\u00e8s bient\u00f4t l\u2019ann\u00e9e du coq. Esp\u00e9rons que le durcissement du contr\u00f4le des capitaux apaise les choses si bien que le pays ne soit pas rattrap\u00e9 par son pass\u00e9.<\/p>\n<p>i Si Monsieur Trump d\u00e9cidait de qualifier un pays de manipulateur de devise, le Tr\u00e9sor am\u00e9ricain devrait prendre pour cible des pays tels que la Cor\u00e9e et non la Chine. La Cor\u00e9e demeure sur la liste du Tr\u00e9sor am\u00e9ricain des pays qui font baisser leur monnaie pour doper leur comp\u00e9titivit\u00e9. Veuillez cliquer ici pour en savoir plus sur les crit\u00e8res de surveillance.<\/p>\n<p>ii La PBoC vient tout juste d\u2019annoncer une repond\u00e9ration de son indice composite du taux de change en yuan du \u00ab\u00a0China Foreign Exchange Trade System\u00a0\u00bb (CFETS) \u2013 qui mesure la valeur de la devise chinoise par rapport \u00e0 un panier de devises \u2013 afin d\u2019inclure 11 nouvelles devises (le won cor\u00e9en et d\u2019autres devises \u00e9mergentes), ce qui va permettre de r\u00e9duire la large appr\u00e9ciation du yuan si le dollar am\u00e9ricain devait continuer de s\u2019appr\u00e9cier ou si, par exemple, la Cor\u00e9e devait \u00eatre trait\u00e9e de pays manipulateur de devise par le Tr\u00e9sor am\u00e9ricain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Comme pr\u00e9vu, la Chine a annonc\u00e9 la semaine derni\u00e8re la reconduction de la limite l\u00e9gale d\u2019achat de dollars de 50 000 dollars par individu. Une chose a toutefois chang\u00e9 : l&rsquo;Administration publique des changes (SAFE) a durci la surveillance des achats de devises. Les demandeurs sont d\u00e9sormais tenus d\u2019exposer de fa\u00e7on d\u00e9taill\u00e9e le but de leurs transactions afin de garantir le caract\u00e8re \u00ab\u00a0appropri\u00e9\u00a0\u00bb des achats (par exemple, des \u00e9tudes\/du tourisme\/des affaires\/des traitements m\u00e9dicaux \u00e0 l\u2019\u00e9tranger, ainsi que l\u2019achat d\u2019assurances hors investissement et de services de&#8230;<\/p>\n","protected":false},"author":90,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[46,140],"class_list":["post-2087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pays","tag-chine","tag-marches-emergents"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Le yuan chinois : la question \u00e0 50 000 dollars - Francais<\/title>\n<meta name=\"description\" content=\"Comme pr\u00e9vu, la Chine a annonc\u00e9 la semaine derni\u00e8re la reconduction de la limite l\u00e9gale d\u2019achat de dollars de 50 000 dollars par individu. 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