中国黄金储备合理规模研究

Research on reasonable scale of China's gold reserve

中国经济持续增长,外汇储备迅猛增加,但外汇储备资产中货币错配、结构失衡现象特别明显,黄金储备只有1 054.1 t,仅占外汇储备的1.8%,不仅远低于西方发达国家水平,也远低于国际平均水平。文中分析了中国外汇储备结构,利用马科维茨资产组合模型,探讨了中国黄金储备的合理规模。

While China＇s continued economic growth and rapid forei mismatch and structure imbalance become particularly obvious in China＇s gn exchange foreign-exch reserve increase, its monetary ange reserve assets, with a gold reserve of 1 054.1 tons, a share of only 1.8 % of the total reserves, which is not only far lower than the developed countries, but also far lower than the international average. This paper analyzes the structure of China＇s foreign- exchange reserves, discusses the reasonable scale of China＇s gold reserve with the Markowitz portfolio model.