中国外汇储备管理问题与改革建议

The China's Foreign Exchange Reserve Management and the Reform Proposals

自1994 年外汇管理体制改革以来,中国国际收支大量盈余,外汇储备规模持续快速增长,稳居世界第一。虽然高额外汇储备为维护中国经济和金融安全提供了信心和保障,但在实际购买力、管理体制、运用主体和投资收益性等方面存在着许多问题。面对亟待改革的外汇储备管理和运用问题,学术界和实务界一直有着热烈争论,本文认为对此应进行全面客观的分析,并适当借鉴德国、日本和新加坡等国的外汇储备管理经验。本文建议应对外汇储备管理体系进行战略性调整,并不断研究和探索外汇储备投资多元化,充分发挥商业银行在外汇储备经营中的作用。

Since the reform of foreign exchange management system in 1994, China achieves a large surplus of international payments, Chinese foreign exchange reserves grow continuously and rapidly and rank first steadily in the world. Though the large foreign exchange reserves provide confidence and guarantee for China’s economic and financial security, there are many problems in the real purchasing power, the management system, the user and the investment earning and so on. The scholars and the practitioners of foreign exchange management have continuously discussed the issues of the management and use of foreign exchange reserves. The paper argues that the issues shoud be analysed comprehensively and objectively and China should moderately learn the experience of foreign exchange reserves management of Germany, Japan, Singapore and some other countries. This paper proposes a strategic adjustment to the management system of foreign exchange reserves, to research and explore the investment diversification of currency reserves continuously and play the role of commercial bank in the operations of foreign exchange reserves.