中国外汇储备及其运用的战略思考

Strategic Thinking on China's Foreign Exchange Reserves and Actual Utilization

外汇储备是国家经济实力和地位的象征,储备越多,战略作用越大,外汇储备是国家可以随时动用的资产。保障外汇储备安全的途径在于投资实体经济,要利用外汇储备增加产能以增加世界供给;调整外汇储备投资结构,扩大实体经济投资比重。在实体经济投资中,增加对农业和新技术的投资,加强基础设施海外投资建设。利用外汇储备推进行人民币国际化,应逐渐摆脱对美元清算体系的依赖;区分流动需求外汇储备与投资性需求外汇储备,国家可以将外汇储备资金直接划拨给政策性银行或者承担政策性项目的商业银行使用。运用外汇储备进行直接投资的形式可以灵活多样。

Foreign exchange reserves are the symbol of one country's economic strength and status,and the more one country reserves,the greater strategic role it can play.Foreign exchange reserves are assets that country can use at any moment.The safe way of protecting foreign exchange reserves is investment in real economy.Foreign exchange reserves should be used to increase production capacity so as to increase the world's supply;and the structure of foreign exchange reserves should be adjusted and the proportion of investment in real economy should be expanded.Regarding with investment in real economy,the area of agriculture and new technologies,and overseas investment of infrastructure construction should be strengthened;foreign exchange reservescan also be used to push RMB internationalization,and we should gradually get rid of the dependence on the US dollar clearing system;liquidity demand and investment demand of foreign exchange reserves should be distinguished,and the foreign exchange reserves funds can be directly allocated to the policy banks or commercial banks undertaking policy-oriented projects.The utilization of foreign exchange reserves in the form of direct investment should be flexible and varied.