中国外汇储备管理模式的优化.pdfVIP

摘要 中国现行的外汇储备管理模式是以央行为主导，国家外汇管理局及其专门的 机构进行具体操作管理的管理体制，这样的管理模式在人民币升值、外汇储备价 值缩水的背景下，其问题日益暴露，集中表现在外汇储备的形成形式单一,不利 于货币政策实施、资产组合未达到优化、管理体系不完善、投资收益率偏低等方 面，因此对外汇储备管理模式的优化势在必行。 本文系统的阐述了日本、韩国、挪威和新加坡的外汇储备管理模式，介绍了 各外汇储备管理机构的职能、组织框架及对外的投资与管理活动，深入研究了各 国外汇储备管理模式运行的制度背景。结合我国的面临的约束条件，提出分层次 的管理体系、建立外汇平准基金、多样化投资渠道、健全相关法律法规、藏汇于 民、改革结售汇制度、增加人民币汇率浮动区间等建议。 关键词：外汇储备 管理模式 国际经验 制度背景 I Abstract China present management model of foreign exchange reserves is take Central Bank as the leadership, National Foreign Exchange Bureau and the special organization carries on the concrete operations ，such management model exposes some problems at a time when our country is having RMB appreciation and the shrinkage of the value of the foreign exchange reserves. The problems expressed in the form of a single form of foreign exchange reserves, is not conducive to the implementation of monetary policy, not to optimize the portfolio perfect, the low rate of investment income and so, therefore, optimization of management model of foreign exchange reserves is imperative. This article systematically expounds the management model of foreign exchange reserves of Japan,Korea,Norway and Singapore, including introduction of the functions, its activities of the management of foreign exchange reserves and investment. It deeply analyses the institutional background of the management model. It makes constructive suggestions such as establishing tiered management system of foreign exchange reserves, establishing the Foreign Exchange Equalization Fund