全球外汇储备激增及管理策略的国际比较

International Comparison of Foreign Reserves Management Strategy

自1995年以来,全球尤其是新兴经济国家外汇储备表现出了史无前例的特征:规模急剧增加、国家集中度提高、地区分布特征明显等。外汇储备激增和外汇储备的过量会给国内宏观经济带来一系列的风险和成本,增加了官方外汇储备资产管理的难度。本文对外汇储备激增国际背景下全球主要储备国或地区外汇储备管理的经验做了比较分析,并对我国的外汇储备管理提出了建议。

Since 1995, in a number of countries, especially emerging market economies, there has been some unprecedented characteristics in official foreign reserves-the rapid accumulation, the increase of centralizing in several countries and obvious characteristics of region distribution. The accumulation and excess of foreign reserves will not only bring many risks and cost to one country＇s domestic economy, but also some challenges to the management of foreign reserves. This article comparatively analyzes the management experience of top 10 the largest reserve-keeping countries in such context and give some constructive suggestions for the official reserves management in China.