热钱流入对中国经济的影响.doc

PAGE PAGE 10 PAGE 0 河南工业大学经济贸易学院 学 年 论 文 题 目： 热钱流入对中国经济的影响 专业班级： 金融F0804 作者姓名： 陈士玉 学 号： 200846910531 导师姓名： 吴成浩 论文页数： 14 　2010年 11 月 25 日 PAGE PAGE I 摘 要 自2005年汇改以来,人民币对美元汇率持续单边升值,又由于美国爆发金融危机,使美元利率持续走低,出现了中美倒挂。在这样背景下,大量热钱流入中国,使我国的外汇储备出现快速增长,人民币升值压力加大,外汇储备管理的难度增加;另一方面,又使国内基础货币投放快速增加,出现了流动性过剩的局面,资产与资本市场价格飙升,通货膨胀压力加大,使央行的宏观调控难度加大。在人民币升值预期下,热钱通过经常项目、资本项目和地下钱庄等渠道大量涌入中国,对我国货币政策的独立性和实施效果产生了较大的冲击和影响,我国应采取哪些措施来应对,是当前理论界和实务界普遍关注的问题。本文就是针对我国目前出现的这一重大现实问题,在掌握大量事实的基础上,对热钱流入中国的问题进行系统的研究。 关键词 国际热钱 人民币升值预期 中美利差 外汇占款 Abstract Since 2005 yuan reform, the yuan against the dollar since the revaluation, and continued unilateral owing to the outbreak of financial crisis, make us interest rates stay low and appeared sino-us hangs upside down. Under such background, a large number of hot money inflows into China, Chinas foreign exchange reserves appears rapid growth, yuan appreciation pressure increase, foreign exchange reserves management difficulties increase; On the other hand, he makes domestic monetary base on rapidly increase, appeared of excess liquidity situation, assets and capital market price surge, inflation pressures, make the central bank increased difficulties of macroeconomic regulation. In the RMB appreciation, hot money through the current account, capital account and underground channels such as an influx of China, on Chinas monetary policy of independence and implementation effect produced great impact and influence, China what measures should be taken to deal with, the current is the theory and practice of common concern to the problem. This paper is aiming at present of this important realistic problems, in terms of numerous facts, on the basis of hot money inflows into China problems were systematically discussed. Keywords international hot money The current state of the economy The RMB appreciation Chi