人民银行巨额外汇储备的经济性质及其出路

Economic Nature and Usage of Vast Foreign Exchange Reserve of People's Bank of China

中国人民银行持有巨额外汇储备的背后是相应的国内负债,它不是人民银行的收入,而是由于国内经济失衡和融资结构不合理,通过配套的外汇管理体制而不断集中在人民银行资产负债表上的信用资产。人民银行被迫成为需要经营外汇资产的专业机构,新的风险和矛盾接踵而至。解决中国外汇储备问题首先是消除中国外汇储备过速增长的内在发生机制;而对于现有存量资产的管理,主要应从分散风险、培养国际金融专门人才、推动国际货币体系改革、加强与美国协商等方面着手。

The huge foreign exchange reserve of People＇s Bank of China is domestic debt but not the income of People＇s Bank of China. It is credit asset of People＇s Bank on the balance sheet, which was incurred by the imbalanced domestic economy, irrational financing structure and the deficient foreign exchange manage- ment system. People＇s Bank of China was forced to manage the foreign exchange assets, which accompanied by a variety of risks and contradictions. In order to solve the problem of China＇s foreign exchange reserves, the first thing is eliminating the intrinsic mechanism which made the rapid growth of foreign exchange re- serves, as to the use of the existing assets, it should mainly make efforts on such aspects： dispersing risks, training international financial expertise, promoting the reform of international monetary system, strengtheniug the consultations with Americans.