中国巨额国际储备的管理问题分析

石家庄铁道大学毕业论文

中国巨额国际储备的管理问题分析

The Analysis of China’s Enormous International Reserves’ management Issue

摘要

国际储备是指一个国家的货币当局所持有的用于弥补国际收支赤字,维持本国货币汇率稳定的国际间普遍接受的一切资产。国际储备对于一个开放经济体而言至关重要，是融通国际收支赤字、干预外汇市场、维持本币汇率稳定、举借和偿还外债的保证等。但持有国际储备是有一定的代价的，储备增长过快会带来通货膨胀压力，使本币产生升值压力，使中央银行货币政策的自主权受到限制，对产业结构的调整产生不利影响，等等。

随着中国对外经济的发展，国际储备逐年大幅增长，给中国国民经济带来诸多影响，也对国际储备管理提出新的要求。目前中国面临的主要问题在于规模过大，尤其是在全球新型金融危机的背景下，问题显的尤为突出。中国国际储备规模应如何调控，国际储备的结构和投资策略应如何调控，中国在国际货币体系中的角色究竟应如何制定……就这些问题及时展开研究，对中国经济的持续健康平稳发展具有重大现实意义，对国家制定出台相关政策也具有高度参考价值。本文分析了中国外汇储备迅猛增长以致规模巨大的原因，针对中国国际储备规模及结构的不合理性，并在全球新型金融危机的背景下，提出了中国必须改变外汇储备思路，增加黄金储备，实现人民币国际化等调整战略措施，为整个国民经济的健康运行奠定基础。

关键词：国际储备规模；金融危机；外汇储备；黄金储备

Abstract

International Reserves refers to all the assets which held by a country monetary authorities to cover the balance of payments deficit, maintain the national currency exchange rate stability, and generally accepted by the international community.For an open economy, international reserves is so crucial,which is a guarantee for financing the external deficit, intervening in the foreign exchange market,maintaining the local currency exchange rate stability,borrowing and repaying the foreign debt and so on.However, there is a certain degree of price to hold international reserves,rapid growth in reserves will bring inflationary pressure,make a revaluation of the currency, restrict the autonomy of the Central Bank monetary policy,cause a negative impact the adjustment of industrial structure and so on.

With China's economic development and international reserves' dramatical increasement, China's national economy meets with a lot of influence, and needs new measures to manage international reserves. The size of China's international reserves, the structure and investment strategies of international reserves ,China's role in the international monetary system...There is great practical significance for continuing healthy and stable development of China's economy to study these issues timely, which is also valuable for making relevant national policy. This paper analysis the causes of the rapid growth of China's foreign exchange reserves resulting in large-scale, under the background of the new global financial crisis and on the irrational nature of China's international reserves' scale and structure, China should actualize some strategic measures such as change the line of foreign reserves , increase gold reserves, realize the internationalation of RMB to lay the foundation of the national economy’s healthy running.

Key Words：Scale of International Reserves，Financial Crisis，Foreign Exchange Reserve，Gold Reserve