外汇储备169124(国外英语资料).doc

外汇储备169124(国外英语资料) Discussion on management of foreign exchange reserve in China 2009-7-14 9:48 [small] Gao Quanliang [] [] I want to print error Key words] foreign exchange reserve; huge reserve risk; foreign exchange reserve management [Abstract] as of the first quarter of 2007, Chinas foreign exchange reserves have exceeded $12000, how to manage Chinas huge foreign exchange reserves to become the focus of attention, this paper clarifies the understanding of foreign exchange reserves, foreign exchange reserves are discussed. The risk of foreign exchange reserves, as well as the principle of management, and finally a series of policies reasonable suggestions from the management of foreign exchange reserves and excess reserves management perspective, that should be the current increase in foreign exchange assets in gold reserves and material reserves, to establish a diversified investment foreign exchange investment company, and consider the reserve capacity. I. understanding of foreign exchange reserves At present on how to manage Chinas huge foreign exchange reserves, many scholars and practitioners put forward a series of suggestions and ideas from various angles, but because of the lack of correct understanding of foreign exchange reserves, leading some proposal is not feasible, or contradictory. Therefore, before discussing the management of foreign exchange reserves, it is necessary to correctly understand the connotation of foreign exchange reserves. Foreign exchange is one of the assets of the central bank, the corresponding debt is mainly public sector or private sector deposits, which means that foreign exchange increased at the same time leads to the increase of domestic RMB exchange, so cannot be used directly in domestic consumption and investment, because it is equivalent to an increase of money supply, may lead to inflation. Foreign exchange is a debt to foreign country (mainly refers to the trade surplus, not borrowing), foreign exchange equivalent