解析外汇储备对中国货币政策的影响

本文从中国外汇储备的现状入手，分析了中国外汇储备迅猛增长的原因，封高外汇储备封中国货币政策影响的机理追行了探讨，从而得出结论：高外汇储备使基础货币的可调控空间减小，弱化了中国货币政策的自主性。

The analysis of the impact of Chinese foreign exchange reserve to monetary policy

Being the mark of a country＇s financial ability, foreign exchange reserves make up the balance of payments deficit, stabilize its exchange rate and maintain its credit and reputation in the international world. But it＇s not the better to own the more exchange reserves. This paper will explain the reason of why Chinese exchange reserves increase so fast and then reveal the inactive effect from the too many exchange reserves.