中国外汇储备的过剩、影响及调整

China's Foreign Exchange Reserve Excess,its Impact and Adjustment

要素集聚、人民币升值预期、外贸政策和汇率制度导向等是我国外汇储备过剩的深层次因素。外汇储备过剩带来了一系列负面影响,主要有:弱化了人民银行对货币供应量控制、有碍国内经济循环从而导致大量国民财富变相流失、不利于实现经济增长向内需主导型模式转变等。因此,应从外汇的信托管理模式、开展人民银行与商业银行的掉期交易以及重视转换为日元储备等方面进行战略调整。

The main factor collection, the renminbi appreciation expectation, the foreign trade policy and foreign exchange system, etc. are the sources for China＇s foreign exchange reserve excess. It has brought a series of negative effects as： weakening the People＇s Bank to control money supply, hindering domestic economy circulation, hence causing loss of national wealth, unfavorable for realizing transforming economy growth mode to domestic demand - dominated type, etc. Therefore, strategy adjustments should be made from trust management pattern, opening up swap transaction for the People＇s Bank and the commercial banks, and emphasizing conversion to the yen reserve, etc.