关于中国外汇储备管理主导权的探讨

Discussions on the Dominance of China's Foreign Exchange Reserves Management

近期,有专家学者提出由财政部通过发行特别国债筹借资金,购买部分外汇储备,从而使财政部成为外汇储备管理主体,本文针对这种观点展开分析。首先,本文分析了相关的国际经验,以及不同外汇储备管理模式的利弊及法理基础。从长远看,我国外汇储备管理体制从现行模式过渡到财政部主导的双层管理模式具有一定的合理性。其次,本文对发行特别国债并据以实现外汇储备管理主导权转移的可行性进行了分析。由于中国外汇储备数额特别巨大,且存在特殊的外汇储备形成机制,大规模发行特别国债购买外汇储备的方案可能会对金融市场、货币政策框架、央行资产负债表以及宏观经济造成巨大影响。最后,在保持中国人民银行主导外汇储备管理的前提下进行部分微调是当前的最优选择,这在改革进入最后攻坚阶段的关键时期,必须理性对待。

From the international perspective, the Ministries of Finance of most countries are involved in foreign exchange reserves management and play a dominant role. Therefore, some experts and scholars put forward a viewpoint that in China the Ministry of Finance may issue special government bonds, purchase part of foreign exchange reserves, thus making the Treasury department as the main body of foreign exchange reserve management. This paper focuses on this point of view. First of all, the authors analyze the related international experience, as well as the pros and cons of different modes of foreign exchange reserve management. Secondly, the authors analyze the feasibility of issuing special bonds and changing the Leading institutions of foreign exchange reserves management. In their opinion, China＇ s foreign exchange reserves are especially huge, and there is a special mechanism in producing foreign exchange reserves. Meanwhile, since Yuan is not a convertible currency and international currency, large-scale special bonds issued to buy foreign reserves will greatly affect the financial market, monetary policy framework, the balance sheets of central bank and even the macro-economy. Finally, the authors point out that China has entered the final crucial stage of Reform and Opening, so we must design a reasonable solution to this problem. It is the optimal choice to fine-tune the foreign exchange reserves management without changing PBOC＇s dominant position.