全球外汇储备、金融控制与我国的金融安全

Global Forex Reserve,Financial Control and China's Financial Security

在金融全球化时代,美国通过金融控制主宰着世界经济。美国凭借美元“中心货币”地位而攫取的国际铸币税成为弥补其经常项目逆差的稳定来源,这是全球经济不平衡的根源;作为世界头号外汇储备大国,我国面临资产价格泡沫膨胀和外汇储备稳定性下降这两大金融安全问题;美元在全球外汇储备中的比重下降将直接导致美国国际铸币税的减少,致使经常项目逆差逐步丧失稳定的弥补途径,使其容易陷入金融危机,导致后布雷顿森林体系的崩溃;我国应通过美元储备的替代来减少国际铸币税剥削,同时推进人民币的国际化以分享国际铸币税收益。

In the era of financial globalization, USA dominates the world economy by financial control. Resorting to the central currency status of US dollar, USA uses international mint tax as the stable resources of offsetting current account deficits, that＇s the reason US keeps a ＂double deficits＂ policy and high consumption in a long time without worrying about debt crisis, this is the root of global imbalance. As the country holding biggest amount of foreign exchange, China is confronted with two financial security problems which are asset price foam and instability of the foreign exchange; the lowering proportion of US dollar in world foreign exchange leads to the decrease of USA international seignorage directly, so at the same time its current account loses stable remedy approach, US will run into financial crisis more easily and maybe the collapse of Bretton Woods system. This is the root of global financial fragility; China needs decreasing USD reserves to reduce seignorage exploitation and advancing RMB internationalization to share seignorage globally.