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1.
一、我国外汇储备概况近几年来.随着对外贸易的迅速发展和外资持续大量流入,我国外汇储备激增,从2003年开始,每年外汇储备的增加额均超过于亿美元,并仍在不断增长。2006年底,我国外汇储备余额更是突破万亿美元大关,成为世界上最大的外汇储备国。截至2008年6月末,我国外汇储备已高达18088.28亿美元(见表1)。  相似文献   

2.
2月中旬,美国财政部公布的月度数据显示中国在2009年12月时大手减持美国国债340亿美元,令其组合余额降至7554亿美元。在日本同月增持115亿美元美国国债至7688亿美元的情况下,日本重夺最大美国国债债权人的头衔。但仅仅在一个  相似文献   

3.
周程 《国际融资》2007,(1):41-43
许多人为庞大资金闲置令人不安 中国的外汇储备超过了1万亿美元,1万亿美元可不是一个小数字.在世界大约190个国家中,经济规模上万亿的国家大概不超过10个.中国目前的外汇储备已经在2006年10月超过了1万亿美元的门槛.这么一笔庞大的资金闲置在那里叫许多人感到不安.  相似文献   

4.
5.
5月30日,国家外汇管理局公布的2010年国际投资头寸表显示,外汇储备中有近4成是对外负债形成的。而对外负债的回报率远高于对外资产的收益率,负债性外储正在绑架中国外汇。四成外储是负债在2010年末的对外金融资产中,对外直接投资3108亿美元,证券投资2571亿美元,其他投资6439亿美元,储备资产29142亿美元,分别占对外金融资产的7%、6%、16%和71%;在  相似文献   

6.
考虑到中国作为投资者在高负债工业化国家国债市场中极其重要的地位,这对于全球金融市场以及总体经济而言都是一个至关重要的问题。而事实就是,这个问题没有确切的答案。我们大体上知道中国有很大一笔外汇储备买了美国国债,稍小的部分投入了欧元资产,而在更为晚些时候,则有一部分投进了澳大利亚和加拿大的债券市场。但我们不知道具体情况,而...  相似文献   

7.
外资外汇登记是一项重要的工作。我国有关部门关于外资外汇登记工作已有多项文件出台,本文作者在实际工作中,感到现行制度规定存在一些问题,并相应提出了对策与建议,以便进一步提高外资外汇登记的管理质量。  相似文献   

8.
随着国家“走出去”战略的实施,我国的境外投资规模日趋壮大。在境外市场的开拓,一方面增加了我国的税收和外汇储备,带动了对外投资、进出口贸易、技术服务、劳务输出等业务的快速发展;另一方面,增强了企业的市场意识,锻炼了参与竞争的能力,为在国际经济舞台上争得一席之地创造了条件。国家外汇管理局为方便企业在境外开拓市场,  相似文献   

9.
耿群  夏月 《中国金融》2004,(7):38-40
随着中国越来越紧密地融汇到世界经济当中,国际金融形势的动荡变化对中国的影响也越来越深刻。2003年国际金融领域里一个非常引人注目的现象就是美元的剧烈贬值及美元利率达到历史性低点。由于人民币与美元存在紧密的联系,中国的外汇市场及外汇存贷款也因此受到了较大影响。  相似文献   

10.
近一年来,中国增持美国国债的动作从没间断。根据日前美国财政部公布的最新数据,截至2009年3月末,中国持有的美国国债达到7679亿美元。再创新高,仍为美国国债的最大持有者。这意味着,今年3月份中国再度增持了237亿美元美国国债。  相似文献   

11.
对我国汇率制度变迁的经济绩效分析   总被引:1,自引:0,他引:1  
我国汇率制度的变迁揭示,汇率制度改革要与国内经济结构和市场经济的能力相适应。虽然当前人民币升值是趋势,但要循序渐进缓步推进,给予国内经济结构和出口行业留有转型时间和空间。我国均衡汇率的形成,需要国内经济发展和国际经济的协调,才能实现经济可持续发展。  相似文献   

12.
13.
We provide an overview of the important events of the recent global financial crisis and their implications for exchange rates and market dynamics. Our goal is to catalogue all that was truly of major importance in this episode. We also construct a quantitative measure of crises that allows for a comparison of the current crisis to earlier events. In addition, we address whether one could have predicted costly events before they happened in a manner that would have allowed market participants to moderate their risk exposures and yield better returns from currency speculation.  相似文献   

14.
The testable implications of sticky price exchange rate models are discussed. The empirical examples suggest that the predetermined or sticky price assumption employed in recent asset models of exchange rate determination appears to be appropriate for Germany, Japan, the United States, and the United Kingdom.  相似文献   

15.
The analysis of foreign exchange data using waveform dictionaries   总被引:1,自引:0,他引:1  
This paper uses waveform dictionaries to decompose the signals contained within three foreign exchange rates using tick-by-tick observations obtained world wide. The three exchange rates examined are the Japanese Yen and the German Deutsche Mark against the U.S. dollar and the Deutsche Mark against the Yen. The data were provided by Olsen Associates.A wabeform dictionary is a class of transforms that generalizes both windowed Fourier transforms and wavelets. Each waveform is parameterized by location, frequency, and scale. Such transforms can analyze signals that have highly localized structures in either time or frequency space as well as broad band structures; that is, waveforms can, in principle, detect everything from shocks represented by Dirac Delta functions, to short bursts of energy within a narrow band of frequencies, to the presence of frequencies that occur sporadically, and finally to the presence of frequencies that hold over the entire observed period. Waveform dictionaries are most useful in analyzing data that are not stationary and non-stationarity up to second order is well recognized in the context of foreign exchange rates.  相似文献   

16.
作为金融业的重要组成部分,保险业对国民经济的发展及社会的稳定起着举足轻重的作用。而保险业本身是经营风险的特殊行业,因此建立健全内控机制、防范和化解金融风险、开展集约化经营和管理是现代保险企业的必由之路。  相似文献   

17.
We study the properties of foreign exchange risk premiums that can explain the forward bias puzzle, defined as the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premiums arise endogenously from the no-arbitrage condition relating the term structure of interest rates and exchange rates. Estimating affine (multi-currency) term structure models reveals a noticeable tradeoff between matching depreciation rates and accuracy in pricing bonds. Risk premiums implied by our global affine model generate unbiased predictions for currency excess returns and are closely related to global risk aversion, the business cycle, and traditional exchange rate fundamentals.  相似文献   

18.
唐宁 《中国金融电脑》2004,(2):47-50,53
随着国民经济的快速发展和国内金融体制改革的不断深化,外汇投资市场逐年升温,外汇交易量大幅增长。此外,由于城镇居民生活水平的不断提高,出境旅游的人也越来越多,持卡到国外旅游消费成为新的时尚。面对巨大的市场发展机遇,华夏银行决定开发集境外消费、国内炒汇功能于一身的特色产品——外汇卡,为客户进行外汇理财。  相似文献   

19.
This paper uses the traditional variance ratio test of Lo and MacKinlay (1988, 1989), the non-parametric-based variance ratio test of Wright (2000) and the multiple-variance ratio test of Chow and Denning (1993), to re-examine the validity of the weak form efficient market hypothesis for foreign exchange markets in four floating-rate markets in neighboring Asian economies (Japan, South Korea, Taiwan and the Philippines). The results show that the random walk patterns of the exchange rate return series cannot be rejected, with the one exception of Taiwan, where inefficiency is shown to be most prominent. We therefore conclude that the foreign exchange markets of Japan, South Korea and the Philippines are weak form efficient, while the foreign exchange market of Taiwan is inefficient.  相似文献   

20.
The volatility information found in high-frequency exchange rate quotations and in implied volatilities is compared by estimating ARCH models for DM/$ returns. Reuters quotations are used to calculate five-minute returns and hence hourly and daily estimates of realised volatility that can be included in equations for the conditional variances of hourly and daily returns. The ARCH results show that there is a significant amount of information in five-minute returns that is incremental to options information when estimating hourly variances. The same conclusion is obtained by an out-of-sample comparison of forecasts of hourly realised volatility.  相似文献   

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