外贸外文翻译---对中国外汇储备快速增长的反思.docx

附录 Rethinking Fast Growth in China’s Foreign Exchange Reserves Yuanlong Wang I．Introduction Since2000, China’s foreign exchange reserves have been growing fast. By the end of2001, China’s foreign exchange reserves had exceeded US$200bn and by the end of 2002 had reached US$286.4bn. By the end of2003, it had reached US$403.3bn and in 2004 it reached US$609.9bn. In l 999, China’s foreign exchange reserves accounted for l 5.6 percent of its GDP. The ratio has been growing continually and Was 36.88 percent of GDP by 2004, making China the second largest foreign exchange reserve holder in the world after Japan. Statistics released by Japan’s Ministry of Finance on 7 July 2005 show that by the end of June the same year, Japan’foreign exchange reserve were valued at US$43.5bn. China has reserves of US$771 bn by the end of June 2005. However, China has a larger ratio of foreign exchange reserve to GDP than Japan. In 2005, China’s ratio of foreign exchange reserve to GDP was 37 percent, whereas that of Japan was 18 percent. By the end of December 2005, China’s foreign exchange reserves had expanded further to reach US$818.87bn. II．Cause of China’s Sustained High Growth of Foreign Exchange Reserves The main reason for China’s sustained fast-expanding foreign exchange reserves in recent years, is continual surpluses in the current and capital accounts of China’s balance of payments. In terms of sources, foreign exchange reserves can be divided into creditor’s rights-based reserve and debt-based reserve. The former is reserve from current accounts, whereas the latter is from the capital accounts．Foreign exchange reserves of developing countries are mainly composed of debt-based reserve. Since the latter half of the 1990s, the structure of China’s foreign exchange reserve sources has undergone significant change. From 1994 to 1996, China’s foreign exchange reserves were mainly composed of debt-based reserve. The increased foreign exchange reserves mainly came from capital acco