外汇储备变动对中央银行资产负债表的影响

The Impact of Changing Foreign Exchange Reserves on the Balance Sheet of Central Bank

近十年来我国外汇储备持续增长,形成中央银行庞大的外汇资产。针对我国外汇资产的增长,中央银行采取发行中央银行票据和提高存款准备金率冲销外汇占款等措施,引起中央银行资产负债表被动扩张。因此,转变经济发展方式,完善人民币汇率市场化形成机制,推进人民币资本项目可兑换,加强外汇储备和资产流动管理是抑制中央银行资产负债表被动扩张的重要举措。

During the past decade, China＇s foreign exchange reserves have witnessed a sustained growth, and have become the huge foreign exchange assets of Central Bank. The paper analyzes how, with the growth of foreign exchange assets, the Central Bank, by issuing Central Bank notes and raising the deposit reserve ratio to sterilize position for foreign exchange purchase, has caused a passive expansion of its balance sheet. Then the paper proposes a series of measures such as adjusting the structure of China＇s economic development, transforming the pattem of economic development and strengthening the management of foreign exchange reserves, to restrain a passive expansion of the balance sheet of Central Bank.