央行财务实力研究

The Research on the Financial Strength of the Central Bank

本文从分析人民银行资产负债表入手,探索央行资产负债结构和规模变化的深层原因,从央行资产负债性质及估值、央行运营收益、央行铸币税收入等三个方面评估央行财务实力,揭示央行财务面临的挑战,货币政策和汇率政策制定可能受到的潜在影响,及对经济发展和金融稳定的不利影响。从合理界定央行承担的政策职能,推进汇率机制改革、降低外汇风险,改进央行会计标准和利润分配政策等三个方面提出改善和提高人民银行财务实力的相关政策建议。

Beginning from the analysis on PBC＇ s balance sheet, the paper explores the deep reasons of the central bank asset lia- bility structure and scale change, assesses the central bank＇ s financial strength from three aspects such as the properties and valuation of the central bank＇ s assets and liabilities, operating income, coinage tax revenue, reveals the challenges for the central bank finance, potential influences on making monetary policies and foreign exchange rate policies, and adverse impacts on the economic develop- ment and financial stability. The paper puts forward relevant policy recommendations on improving and enhancing PBC＇ s financial strength from three aspects such as reasonably defining the central bank＇ s policy fimction, promoting the reform of foreign exchange rate mechanism and reducing the foreign exchange risk, and improving the central bank＇ s accounting standards and the profit distri- bution policies.