略论我国巨额外汇储备对从紧货币政策的影响

外汇储备作为一国经济金融实力的标志,它是弥补本国国际收支逆差、稳定本国汇率以及维持本国国际信誉的物质基础,但外汇储备并非多多益善.尤其对我国2008年开始实行的从紧货币政策而言,巨额的外汇储备导致的外汇占款会形成强大的压力,以至削弱货币政策的有效性.从我国外汇储备状况的现实入手,分析了我国外汇储备迅猛增长的原因及巨额外汇储备对我国从紧货币政策造成的压力.

Too Many Exchange Reserves and The Tightening Monetary Policy

Being the mark of a country's financial ability, foreign exchange reserves make up the balance of payments deficit, stabilize its exchange rate and maintain its credit and reputation in the international world. But it's not the better to own the more exchange reserves. China's foreign exchange reserves have increased extraordinarily since the middle of 1990s,which has become the significant factor restricting the validity of monetary policy.This paper will explain the reason of why our country's exchange re...