中国购买美国国债:来源、收益与影响

China's Purchase of American Treasury Securities:Source,Profit and Impact

本文在历史回顾和数据分析的基础上,重点从来源、收益和影响等方面对中国购买美国国债进行了较为深入的研究。研究表明,主要源于对美贸易顺差的外汇储备是中国购买美国国债的重要资金来源。尽管有着较好的流动性和安全性,但与其他投资方式相比,中国购买美国国债的收益率并不高。此外,中国目前持有的美国国债,无论是以总额或者比例衡量,都没有决定性的影响,因此不对美国金融市场造成威胁。总体而言,中美在金融关系方面还是一种不对称的依赖关系,中国对此必须要有清醒的认知。

This paper studies China＇s purchase of American treasury securities on the base of data analysis, focusing on the source, profit and impact. The conclusion shows that the growth of its foreign reserve is the main impetus for China to buy American treasury securities. The return rates of the purchase, however, is not attractive. Moreover, China＇s holding of American treasury securities does not threat the U.S. monetary market or economy in terms of total amount and proportion. Generally speaking, the financial relation between China and America is not quite symmetrical as China is much more dependent on America, which should be recognized.