我国外汇储备对货币政策的影响

Influence of China's Foreign Exchange Reserve on Monetary Policy

近年,我国外汇储备超常增长。其原因,除了国际收支双顺差和外汇管理体制改革的推动以外,与我国长期实行出口导向政策和与美元挂钩的固定汇率制或实际固定汇率制亦有关直接关系。大量外汇储备,推动了货币供应量的增加,特别是随着我国经济的快速复苏,大量"热钱"涌入,对我国货币政策造成了较大冲击。在我国现行外汇管理体制和汇率目标下,外汇占款这一控制变量具有很强内生性,使中央银行无法自主通过外汇公开市场业务调控基础货币和货币供应量,从而降低了中央银行灵活运用这一货币政策工具的独立性。

In recent years, China＇s foreign exchange reserve grows excessively. The direct reasons are that China carries out export-ori- ented policy for a long run, （real） fixed exchange rate system with the US dollars, with an exception of promotion from double surplus in balance of payments and reform of foreign exchange management system. A great number of foreign exchange reserves increase money supply, especially a great deal of ＂hot money＂ inflow with rapid economic recovery in China causes huge impact on China＇s monetary policy. In current foreign exchange management system and exchange rate target, the funds outstanding for foreign exchange-a controlled variable-is very endogenous, which limits the central bank to control monetary base and money supply independently through foreign exchange opening market operation, and decreases independency of the central bank by using monetary policy flexibly.