外汇储备管理理论的演进研究

Research on the Evolution of Foreign Exchange Reserve Management Theory

在当前的国际环境下,外汇储备对于我国应对外部冲击和债务风险、深化人民币国际化等方面的作用越来越重要。我国拥有世界上最大规模的外汇储备,关于其适度规模、币种和资产结构优化等问题一直是学者们讨论的热点。通过对外汇储备管理的相关理论进行系统梳理和总结,结合我国外汇储备和经济发展的实际,提出未来我国外汇储备管理的研究应着重于汇率市场化进程中的储备管理战略问题、人民币国际化进程中的外汇储备问题和主权财富基金的投资问题。

Foreign exchange reserve plays an increasingly important role in China,mainly in dealing with international exchange rate shocks and debt risks,promoting the internationalization of the RMB and other aspects,in the current international economic environment. China has the largest foreign exchange reserves in the world. The appropriate scale,currency and asset structure optimization of China＇s foreign exchange reserves have attracted a lot of attention. This article systematically summarizes the relevant theories of foreign exchange reserve management. In view of China＇s situation and the background of RMB internationalization,we believe that theoretical research should attach importance to the strategy of reserve management in the process of exchange rate marketization and foreign exchange reserve management in the process of RMB internationalization. The investment of sovereign wealth funds should also be the focus of the study.