全球金融危机下中国外汇储备资产的优化配置

Optimal Allocation of China's Foreign Reserve Assets under Global Financial Crisis

全球金融危机爆发,使中国巨额外汇储备资产面临着严重亏损的风险。我国外汇储备以美国国债为主而隐含着信用风险、汇率风险、流动性风险以及投资收益损失风险,应逐步减持美元资产,优化外汇储备资产配置。对金融类资产,可以学习挪威等国家的先进经验,针对不同的需求,建立不同的资产组合;对非金融类资产,可将部分外汇储备转化为黄金储备、战略物资储备以及能够刺激经济增长的发展性储备,建立起兼有外汇储备、黄金储备、战略物资储备和发展性储备的综合储备体系。

The outbreak of global financial crisis has exposed China＇s huge foreign reserve assets into a serious risk of loss. China＇s foreign reserve assets mainly consist of American T- bills,and imply credit risk, exchange rate risk, liquidity risk and the risk of loss from investment income. It＇ s necessary to gradually reduce U. S. dollar assets, optimizing the allocation of foreign reserve assets. As for financial assets, advanced experience in Norway canbe drawn and other countries with establishment of different portfolio accounting for different demands ; as for non - financial assets, we can partially convert foreign reserves into gold reserves, the reserves of strategic materials, as well as reserves for development capable of stimulating economic growth, establishing a comprehensive reserve system combining foreign reserves with gold reserves, the reserves of strategic materials and reserves for development.