我国巨额外汇储备的运用研究——基于1997～2007年中国国际收支平衡表的分析

本文运用我国1997～2007年的国际收支平衡表集中考察了我国外汇储备的运用情况,认为其主要存在如下几个问题:对外间接投资渠道单一,外汇储备收益率低;对外直接投资严重不足,用汇需求低;进口结构不合理,外汇储备的消费作用难以发挥。针对上述问题,本文提出了一些有效运用我国外汇储备的思路:通过加强对外直接投资、投资国计民生的重要行业、增加国家的战略储备等方式开拓外汇储备的投资渠道,通过增加间接投资中股票投资的比重、投资具有比较优势的服务贸易行业等方式提高外汇储备的投资收益率。

Study on the Use of Chinese Foreign Exchange Reserves based on the Analysis of China's Balance of Payments from 1997～2007

Since the system reform of foreign exchange management in 1994,China's foreign exchange reserves have increased continually and overrun the modest size.The safety principle,the primary principle of management in China's foreign exchange reserves,leads to the less channels and low rate of income in the investment of foreign exchange reserves,which caused not only a waste of resources,but also brought many negative effects on China's macro-economy.Therefore,the effective use of huge foreign exchange reserves ...