外汇储备收益率、币种结构和热钱

本文估计了2000—2006年中国外汇储备的收益率、币种结构和2003年后1流入中国的热钱数量。研究发现,2003年前外汇储备年平均收益率分别为4.8%,欧元资产比例大约为7.2%;2003年后欧元资产比例上升至26.7%,收益率在2.3%—2.5%之间。但是欧元比例上升主要原因是欧元升值,而不是由于中国政府大规模增持欧元资产。利用估计得到的收益率和币种结构,我们估算了热钱的数量,发现2006年上半年并没有热钱流入。

YIELDS AND CURRENCY COMPOSITION OF FOREIGN RESERVES AND HOT MONEY IN CHINA

We estimate the yield and currency composition of Chinese foreign reserves and hot money inflow during the period of 2000?2006.The annual yield declined from 4.8%before 2003 to 2.3%?2.5%after 2003,and the ratio of euro-denominated assets in foreign reserves increased from 7.2%to 26.7%.The increase in euro-denominated assets is mainly attributable to the appreciation of euro rather than Chinese government 's acts to diversify its assets.Based on the estimated yield and currency composition,we estimate the...