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I did not mean through the ECB.
But Germany has to recycle its surplus. Investments abroad would involve foreign exchange transactions.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Sat Feb 4th, 2017 at 11:00:10 AM EST
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I don't read the definition to include FDI, only open market purchases of foreign currency by the foreign currency reserve.

If the definition is as broad as you read it, it's completely redundant because surpluses must be recycled by accounting identity. So anybody who fits the foreign surplus criterion would automatically, by accounting identity, fit that broader interpretation of the foreign currency purchasing criterion.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 4th, 2017 at 11:14:17 AM EST
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