国际外汇储备管理研究及对中国的启示

外汇储备作为汇率政策与货币政策的工具,要充分发挥其维护国际收支的平衡、支持国内货币、抵御风险和防范危机的作用,就必须坚持规模适度、结构合理、三性兼顾、动态运营的指导思想。从国际实践中可见,适度规模内外汇储备的管理,应该注重安全性和流动性。在安全性和流动性得到保障后,可以适当考虑储备的收益性。

The study on foreign exchange reserve management and its enlightenment

As a tool for exchange rate policy and monetary policy,foreign exchange reserve should play an important role in maintaining balance of payments,supporting domestic money and resisting risks or crisis.To realize these functions,government should hold to the criteria of appropriate scale,reasonable structure,balance of three characteristics and dynamic operation.As can be seen from the experience of other countries,an appropriate foreign exchange reserve management should focus on safety and fluidity.After these two being meted,profitability can be taken into right consideration.