中国外汇储备对货币政策的影响

20世纪90年代中期以来,我国外汇储备在国际收支双顺差和外汇管理体制改革的推动下超常增长,并成为制约货币政策有效性的重要因素。本文从理论上阐明了在开放经济条件下,外汇储备与货币政策的内在逻辑联系;从实证角度剖析了外汇储备变动对我国货币政策调控的冲击,以及引起汇率政策与货币政策的冲突。我国应改革现行的外汇管理制度,加大公开市场业务操作力度,促使国际收支结构平衡,以提高货币政策实施的自主性和灵活性。

The Impact of China's Foreign Exchange Reserves on Monetary Policy

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 illustrates the theoretical relation between foreign exchange reserves and monetary policy in opening economy,analyzes the impact of foreign exchange reserves on the implementation of monetary policy,and discusses the conflict between foreign exchange rate policy and monetary policy.The result are as follows: To improve independence and flexibility of monetary policy,China should reform present foreign exchange administration system,enhance the open market operation and facilitate the equilibrium of the balance of payments.