我国高额外汇储备与货币政策之相关性分析

Analysis of the Relativity of Large Foreign Exchange Reserves on Monetary Policy of China

近年来,受持续的国际收支双顺差以及人民币汇率改革等因素的影响,我国的外汇储备迅速增长。在开放经济条件下,高额外汇储备会对我国货币政策调控产生冲击和制约。为此,我国应强化对资本流动的管理,改革现行的外汇管理制度,消化过多的外汇储备,消除高额外汇储备对货币政策的不良影响。

In recent years, China＇ s foreign exchange reserves have been extraordinarily growing because of the balance of payments surplus and the reform of the RMB exchange rate. The author illustrates the theoretical relation between foreign exchange reserves and monetary policy in opening economy, and analyzes the impact of large foreign exchange reserves on the implementation of monetary policy. Therefore, in order to eliminate the adverse effect that the large foreign exchange reserves have on monetary policy, China should reduce the excessive foreign exchange reserves, strengthen the capital flowing management, reform the foreign exchange administration system.