我国外汇存款准备金问题研究

On the Required Reserves of the Foreign Currency in China

2007年美国次贷危机爆发后,全球性的流动性过剩被流动性不足所替代,美国政府采取了扩张性的政策组合,即以降息和提供紧急流动性援助方式为代表的扩张性货币政策、以减税为代表的扩张性财政政策以及纵容美元贬值的汇率政策,以对中国经济政策的调整空间形成制约。我国中央银行上调外汇存款准备金率以及要求用外汇缴存新增人民币存款准备金的做法,并不能从根本上缓解人民币汇率的升值压力,相关的外汇存款准备金制度设计还有待改进。

When the crisis of subprime mortgages in USA occurred in the middle of the 2007, the global liquidity was replaced by liquidity insufficiency. The U.S. government then adopted the expansive policy mixes, which influenced the implementation of monetary and exchange rate policy in China. In the last few years, the People＇s Bank of China has successively raised the required reserve ratio of the foreign currency, and demanded the commercial banks increase the foreign required reserves for the incremental RMB deposits. However, these methods have failed to reduce the pressure on RMB appreciation. Thus, the policy of the required reserves of foreign currency should be adjusted and improved.