国际金融危机背景下我国外汇储备管理思考

我国外汇储备规模庞大,结构上过度集中于美元和美元资产.这不仅面临美元贬值的汇率风险,还面临美国国债、机构债等产品的市场价值下跌的收益风险以及外汇储备的货币错配风险等.鉴于国际金融危机还可能进一步加深,我国外汇储备管理一方面要扩大内需,主动控制外汇储备规模的快速增长,减少对外汇储备管理所带来的压力.另一方面,在既定的外汇储备规模下,要中长期努力实现币种多元化,渐进地增量减持美元资产,多元化合理利用外汇储备,发挥国家外汇储备的积极作用,进而提出人民币国际化是最终解决中国外汇储备管理问题的长期策略.

Thinking on China Foreign Exchange Reserves Management under the Background of International Financial Crisis

China has enormous foreign exchange reserves,the structure of which focuses excessively on U.S.dollars and U.S.assets.This confronts China not only with the exchange rate risk of dollar depreciation,but also with the yield risk of market value decline of the products such as American national debts and agency debts,as well as the risk of currency mismatch of foreign exchanges.Due to the possibility of further international financial crisis,it is necessary for China foreign exchange reserves to expand domest...