Abstract

Abstract：In the second quarter of 2015，the M&A activities of Chinese enterprises in international market increased significantly because of better market environment and the needs of the development of overseas business.The industry and regional distribution that Chinese corporations invested has become more balanced.With the advancement of a series of bilateral and multilateral trade agreements，the internationalization of Chinese enterprises will accelerate in the near future.During the same period，China's holdings of U.S.Treasury bonds and the American stock assets increased.Two main features of China's holding are mostly high credit rating and long-term period.However，according to our research，China might trade U.S.Treasury bonds through its branches in Belgium since the middle term of 2013.The volume of U.S.Treasury bonds hold by China has declined by around 120 billion U.S.dollar.In addition，China's foreign exchange reserve has decreased for four quarters.There are several reasons for this phenomenon：the appreciation of U.S.dollar；the intervention of central bank on foreign exchange market；the increase of gold reserve， and the capital injection of some newly financial institutions.