国际货币体系失衡下中国外汇储备的“美元困境”

The "Dollar Trap" of China′s Foreign Exchange Reserve Under the Imbalance of the International Currency System

在美元本位的国际货币体系主导下,中国近几年连年实现双顺差、高储蓄,进而导致巨额外汇储备,其中美元资产占据很大比例。美国作为国际货币发行国,近几年实行各种经济刺激政策且毫无约束,在帮助其经济走出衰退的同时,亦导致美元不断贬值,这使得我国外汇储备面临很大的缩水风险。本文从国际货币体系失衡的角度剖析了中国外汇储备过度增长所产生的负面影响,并提出相应的政策建议。

Under the current international currency system of dollar standard,China′s foreign exchange reserve,in which dollar assets occupy a large percentage,reaches a high value due to the double surplus and high savings.To get rid of economic recession,America carries out a variety of economic stimulus policies without any restriction,which leads to the depreciation of dollar,making China′s foreign exchange reserve exposing to risk of shrinking.This paper analyzes the negative effects of excessive growth of China′s foreign exchange reserve and puts forward corresponding policies and advice.