从中美经济相互依存看我国高额外汇储备管理

美债危机爆发后,中国作为美国在海外最大的债券持有者仍然不得不继续增持美债,一方面是由于人民币汇率长期与美元挂钩,国际贸易和金融交易主要以美元结算以及我国出口导向型经济增长方式短期内无法改变均导致外汇储备被动积累,另一方面更是因为一旦我国大规模减持美元资产,将引起全球外汇市场对美元的恐慌性抛售,并最终危及我国在美金融资产安全。美债危机表明我国经济对美国高度依赖,并凸显了经济增长方式转变以及对高额外汇储备有效管理的重要性与紧迫性。

Reviewing the Management of Tremendous Foreign Exchange Reserve in China based on Sino-U.S.Economic Interdependence

After the outbreak of the U.S.sovereignty debt crisis,China,as the biggest U.S.securities holder,around the world has to continue to purchase the U.S.federal government securities,on one hand,it is based upon the RMB exchange rate pegging to the U.S.dollar in the long term,U.S.dollar as the major settlement currency in international trade and financial transaction,meanwhile,Chinese export-oriented economic growth model which can not be changed in the short term resulting in the passive accumulation of foreign exchange reserve,on the other hand,once U.S.dollar assets are sold all of a sudden,it will make U.S.dollar be sold with panic in the global foreign exchange market in a crash way,and finally threaten the safety of our financial assets in the U.S.,American sovereignty debt crisis not only indicates the Sino-US economic and financial interdependence,but highlights the significance and urgency of Chinese economic growth model transformation and effective management of tremendous foreign exchange reserve as well.