我国外汇储备减少的成因及有效管理策略研究  

A Study on the Reasons and Effective Management of China's Foreign Exchange Reserves Decreasing

作　　者：王凯[1] 庞震[1] 

机构地区：[1]西安电子科技大学马克思主义学院,陕西西安710126

出　　处：《经济纵横》2017年第6期75-81,共7页Economic Review Journal

基　　金：国家社科基金项目"人民币国际化的测度;福利效应与策略选择研究"(编号:16BJL092)的成果

摘　　要：外汇储备具有保障对外清偿能力、提升国际信誉的重要作用,是反映一国经济实力的重要指标,然而外汇储备并不是越多越好,过多的外汇储备可能导致宏观经济效率损失,使央行资产负债结构失衡,人民币升值压力增大,加剧债权型货币错配风险。虽然由于"藏汇于民""藏汇于企"以及汇率、价格等估值因素导致近期我国外汇储备减少,但总体看我国外汇储备仍处于较充裕的状态,随着人民币国际化和"一带一路"建设步伐的加快,未来外汇储备下降可能成为新常态,对此不必过度担忧,但应加强防范我国外汇储备规模下降带来的系统性风险。Adequate foreign exchange reserves have an important role in safeguarding external solvency and enhancing international credibility. It is an important indicator of China＇s economic development. However, the huge foreign exchange reserve is a ＂double - edged sword＂, and China has already paid high cost for hold- ing high foreign exchange reserve assets, such as the imbalance of assets and liabilities, the increasing pres- sure of RMB appreciation, the increasing risk of currency mismatch and so on, which have already made harmful effect to the macroeconomic regulation. Although the scale of foreign exchange reserves has been re- duced in recent years due to the factors such as ＂ Hidden in people ＂ ,＂ Hidden in enterprise ＂ , exchange rate and price, the scale of foreign exchange reserves is still relatively abundant. With RMB internationaliza- tion and the promotion of the Belt and Road Initiative, the decreasing of foreign exchange reserve assets may become the new normal. How to effectively prevent the systemic risk of the scale fluctuation of China＇s foreign exchange reserves is an urgent problem to be solved.

关 键 词：外汇储备 减少 有效管理 人民币国际化 

分 类 号：F832.6[经济管理—金融学]