以外汇缴存人民币存款准备金的政策效应分析

为缓解外汇储备快速增长带来的问题，中央银行采取了一系列的措施，包括要求商业银行以外汇缴存人民币存款准备金。分析表明，从减缓外汇储备增速方面看，此项措施已产生一定的效果。但就其本质而言，这项政策只是从名义上将外汇储备由中央银行转移到商业银行名下，并未降低整个国家的外汇储备风险。因此，有必要对该项政策进行调整。当前外汇储备的困境需要综合的解决办法：由政府主要承担外汇储备风险，继续推进自主性的“藏汇于民”政策，提高我国对外资产的收益率，解决经济失衡这一根本问题。

An Analysis on the Policy Effect of Depositing Renminbi Deposit Reserves with Forex

In order to solve problems resulted from rapid growth of foreign reserve,a series of actions have been taken by the central bank,including requiring commercial banks to deposit Renminbi deposit reserve with foreign exchange.The analysis suggests that these actions have been effective viewing from the growing speed of foreign reserve mitigated.But in essence,the policy is only a nominal transfer of foreign reserve from the central bank to commercial banks,and has not reduced the whole national risk of foreig...