合理外汇储备的界定——基于国际收支账户的分析

Determination of the Rationalization of Exchange Reserves——based on the Analysis of International Balance of Payments

近年来我国外汇储备的急剧增加引起了国内普遍关注,关注的焦点是外汇储备的适度规模问题,认为应通过总量控制、减少顺差来实现合理的储备规模。其实,相比较于外汇储备的适度规模,更应关注的是外汇储备的合理性问题,并基于国际收支账户的分析,认为我国当前外汇储备存在来源结构不合理、成本较高以及运用收益较低的问题,合理外汇储备的关键是这些问题的根本解决。

Recently,the rapid increase of foreign exchange reserves in China has attracted widespread attentions in our country.The main viewpoint which is focused on the optimal scale of exchange reserves suggests realizing the optimal scale through scale control and surplus reduction measures.While this paper believes that the rationalization of exchange reserves is more important than scale moderation,so more attentions should be paid thereon.Based on the analysis of our country's international balance of payments,...