储备货币的通货膨胀风险与中国的应对策略

The Inflationary Risks of Reserve Currency and Coping Strategies for China

储备货币的通货膨胀风险既表现为货币在统计意义上可测性贬值风险,又表现为货币具有在统计意义之外的不可测性贬值风险。现代货币由于信用属性的特点使得储备货币国家难以规避以上风险。储备货币的通货膨胀风险使得储备货币国家的经济利益发生了向储备货币发行国单方面的转移。中国要化解和消除这一风险,必须加大外汇储备的消化力度,朝着人民币国际化的方向发展。

The inflationary risks of reserve currencies are defined as the currencies＇ statistically predictable depreciatory risks as well as their unpredictable and extra-statistical depreciatory risks. The nature of modern currencies as government-debt paper currency has made it difficult for the holding countries of reserve currencies to evade such risks. The resultant inflationary risks of reserve currencies harm the economic interests of holding countries as they uni-directionally benefit the issuing countries. In order to deal with or neutralize such risks, China must strengthen its abilities to utilize its massive foreign reserves and deepening the process of turning the yuan into a global currency.