第四章国际储备.pptVIP

DEFINITION of Reserve Currency A foreign currency held by central banks and other major financial institutions as a means to pay off international debt obligations, or to influence their domestic exchange rate. A large percentage of commodities, such as gold and oil, are usually priced in the reserve currency, causing other countries to hold this currency to pay for these goods. Holding currency reserves, therefore, minimizes exchange rate risk, as the purchasing nation will not have to exchange their currency for the current reserve currency in order to make the purchase. Reserve currencies come and go. International currencies in the past have included the Greek drachma, coined in the fifth century B.C., the Roman denari, the Byzantine solidus and Islamic dinar of the middle-ages, the Venetian ducato of the Renaissance, the seventeenth century Dutch guilder and, more recently, the British pound and U.S. dollar. Special drawing rights (XDR or SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Their value is based on a basket of key international currencies reviewed by IMF every five years.[1] Based on the latest review conducted on December 30, 2010, the XDR basket consists of the following four currencies: U.S. dollars ($), euro (€), pounds sterling (￡), and Japanese yen (￥): 9.4 percent (compared with 11 percent at the 2005 review).[2] The weights assigned to each currency in the XDR basket are adjusted to take into account their current prominence in terms of international trade and national foreign exchange reserves. 3．借款总安排（General Arrangements to Borrow, GAB） 是国际货币基金组织和美 国、英国、联邦德国、法国、口本、比利时、意大利、荷兰、加拿 大、瑞典等十个发达国家(即十国集团)于1962年共同设立的一 种特别贷款项目。借款总安排创建初期曾规定:协定有效期为4年，但是以后多次延期，现在它在事实上已成 为一种永久性的安排。 4．本国商业银行的对外短期可兑换货币资产 本国商业银行的对外短期可兑换货币资产，尤其是在离岸金融市场或欧洲货币市场上的资产，虽其所有权不属于政府，也未被政府所借入，但因为这些资金流动性强，对政策的反应十分灵敏，故政府可以通过政策的、新闻的、道义的手段来诱导其流向，从而间接达到调节国际收支的目的。 金融系 * 4.1.3 国际储备的来源 ?一国视角下的国际储备来源 1．国际收支盈余 2．中央银行在进