Intervene in the foreign exchange market, maintain the stability of the local currency exchange rate, borrow and repay foreign debts, etc. , but holding foreign exchange.

Foreign exchange reserves have a certain price, which is reflected in the return on investment (opportunity cost) of imported capital goods.

), resulting in waste of resources, etc. Excessive reserve growth will also bring inflationary pressure, leading to the emergence of local currency.

The pressure of appreciation restricts the autonomy of the central bank's monetary policy and has a negative impact on the adjustment of industrial structure.

Adverse effects and so on. The scale of international capital flow is increasing, how can a country be sure?

Determining a reasonable reserve scale is an issue actively discussed by all countries. At the same time, foreign exchange reserves grew rapidly.

What are the negative effects of inflationary pressure, expectation of currency appreciation, and decline in flexibility of monetary policy?

Slow down is an urgent problem to be solved. The continued depreciation of the US dollar has made countries' reserve assets positive.

How can developing countries effectively manage their foreign exchange reserves and achieve it?

Maintaining and increasing the value is a realistic and important problem faced by the monetary authorities. In this regard,

The author chooses the topic of "Research on the Management of China's Foreign Exchange Reserves at the Present Stage" for a more in-depth analysis.

And discussion.

Through the study of this book, the following main innovative viewpoints are obtained: ① Foreign countries that are currently in use internationally.

The scale theory of foreign exchange reserves mainly studies the appropriate scale of foreign exchange reserves from different angles. These theories

Each theory has its own advantages, but of course it also has some disadvantages. This book holds that countries should stand on their own feet.

Specific circumstances, choose the theory suitable for national conditions to determine the appropriate scale of foreign exchange reserves. ② China.

For a long time to come, the demand for foreign exchange reserves is huge, but the supply of reserves is not allowed.

Optimism. When the crisis occurs, the demand for foreign exchange reserves in the affected countries rises sharply, while the supply of foreign exchange reserves

However, with the sharp drop in supply, developing countries need to accumulate foreign exchange reserves in advance to cope with the crisis.

The needs of. Therefore, I think the scale of the existing foreign exchange reserves is not obviously too large, and the scale of the existing reserves should be

This includes the early accumulation of future reserves. (3) In the short term, it is endless due to the intervention of the central bank.

The complete market mechanism makes there is no obvious correlation between the growth of foreign exchange reserves and the rise of prices.

But in the long run, foreign exchange reserves can indirectly affect the consumer price index by affecting currency issuance.

, thus increasing the pressure of rising prices; The increase of foreign exchange reserves will lead to the appreciation of RMB, but both

The correlation coefficient is small, and in the long run, the increase of foreign exchange reserves will inevitably lead to the appreciation of the local currency; foreign exchange reserves

The passive increase of reserves and money supply greatly reduces the initiative of the central bank to control money supply.

; The growth of China's foreign exchange reserves has led to the change of money supply channels, which has widened the gap between the rich and the poor in the east and the west.

The impact is reflected in the growth of foreign exchange reserves, the gap between the eastern and western per capita GDP and the gap between residents' consumption level.

There is a great degree of consistency between expansion, while the growth of consumption level of residents in the east has slowed down obviously.

This is inconsistent with the rapid growth of foreign exchange reserves and per capita GDP in the same period, which shows that foreign direct investment is very important to me.

The improvement of residents' consumption level in eastern China has entered the stage of "diminishing marginal benefits"

It is suggested to solve the negative impact of foreign exchange reserve growth on the economy from the system and mechanism, focusing on the following aspects.

Make improvements in several aspects: strengthen the construction of foreign exchange market and promote the reform of exchange rate system; Strengthen capital

Supervision of the project; Steadily promote foreign direct investment; Actively take other verification measures; Positive development

Money market, etc. ⑤ It is suggested to set up a multi-government functional department coordinated by the State Council.

The international reserve strategy decision-making group has achieved a high degree of coordination and cooperation among various departments in reserve management. about

The entrusted operation part of foreign exchange reserves and the self-operated part of the central bank put forward the establishment of corresponding authorization system.

⑥ In the structural management of foreign exchange reserves, foreign exchange reserves can be divided into two parts, namely, management: stability.

Fixed portfolio and portfolio. At the same time, the asset structure and currency structure of China's foreign exchange reserves are arranged.

Outside the design.

Table of contents of this book

1 Introduction

1. 1 The Proposition and Research Significance of the Problem

1.2 research status at home and abroad

1.2. 1 Research Status of Appropriate Scale of Foreign Exchange Reserves at Home and Abroad

1.2.2 research status of foreign exchange reserve structure management at home and abroad

1.2.3 Literature Review on the Impact of Foreign Exchange Reserve Growth on Domestic and Foreign Prices

1.3 structural arrangement

1.4 research methods

2 Scale management of foreign exchange reserves

2. 1 Changes in the scale of global foreign exchange reserves

2. 1. 1 Reasons for the rapid growth of foreign exchange reserves in Asian countries

2. 1.2 the change track of China's foreign exchange reserves.

2.2 Summary of the theory of moderate scale of foreign exchange reserves

2.2. 1 theory of appropriate scale of foreign exchange reserves

2.2.2 Summary of the theory of appropriate scale of foreign exchange reserves

3 China foreign exchange reserve demand research

3. 1 China's recent foreign exchange reserve demand

3.2 China's long-term demand for foreign exchange reserves

3.2. 1 Limitations of traditional analysis indicators

3.2.2 Using Karl Biao and Fan's qualitative analysis method, this paper analyzes the factors affecting China's foreign exchange reserve demand.

3.3 Analysis of the effectiveness of foreign exchange reserves in intervening the foreign exchange market and preventing crises

3.3. 1 Analysis of supply and demand of foreign exchange reserves under the impact of speculation

3.3.2 Analysis of the role of foreign exchange reserves in the currency crisis

3.3.3 Empirical Analysis of the Role of Foreign Exchange Reserves in Mexican Financial Crisis and East Asian Financial Crisis

4 China's foreign exchange reserves continued to increase the negative impact of analysis

4. 1 Inflationary pressure.

4. 1. 1 Literature review on the impact of foreign exchange reserve growth on prices

4. 1.2 Theoretical analysis of the impact of foreign exchange reserve growth on prices

4. 1.3 Empirical Analysis of the Impact of China's Foreign Exchange Reserve Growth on Prices

4.2 The pressure of RMB appreciation encourages the inflow of international speculative capital.

4.2. 1 Performance of international speculative capital entering China

4.2.2 Analysis of the influence of the increase of foreign exchange reserves on RMB exchange rate

4.2.3 The harm of international speculative capital entering China

4.3 Reduce the flexibility of the central bank's monetary policy and restrict the effect of macro-financial regulation.

4.4 Changing the money supply channel has a negative impact on the macro-economy.

4.4. 1 makes the distribution of RMB funds among domestic and foreign-funded enterprises uneven.

4.4.2 Form a serious dependence on foreign-funded enterprises.

4.4.3 The processing trade mode may make China enter the "immiserizing growth".

4.4.4 Policy suggestions

4.5 Increase the cost of holding foreign exchange reserves

4.5. 1 Cost of holding foreign exchange reserves

4.5.2 Exchange rate risks faced by foreign exchange reserves

5. Measures to reduce the negative impact of the continuous increase of foreign exchange reserves

5. 1 Strengthen the construction of foreign exchange market and promote the reform of exchange rate system.

5. 1. 1 Accelerate the improvement of the foreign exchange market

5. 1.2 Reform the compulsory foreign exchange settlement and sale system, and gradually implement the willing foreign exchange settlement and sale.

5.2 Strengthen the supervision of capital projects

5.2. 1 Strengthen the supervision of short-term capital flows.

5.2.2 Improve the quality of utilizing foreign direct investment.

5.2.3 Strengthen foreign debt supervision.

5.3 Steadily promote foreign direct investment

5.3. 1 irrationality of "double surplus" in China's international balance of payments

5.3.2 Actively expand foreign direct investment.

5.4 Other verification measures

5.4. 1 government deposit transfer

5.4.2 Appropriate relaxation of securities investment

5.4.3 Imposition of capital import tax

6. Strengthen the management of foreign exchange reserves.

6. 1 Comparison of foreign exchange reserve management systems in East Asian countries

6. 1. 1 Japan's foreign exchange reserve management system

6. 1.2 South Korea's foreign exchange reserve management system

6. 1.3 Singapore's foreign exchange reserve management system

6. 1.4 foreign exchange reserve management systems in China and Hongkong

6. 1.5 Similarities and differences of foreign exchange reserve management system in East Asia and its enlightenment to China.

6.2 Research on the problems existing in the operation and management of China's foreign exchange reserves at present

6.2. 1 China foreign exchange reserve assets management status and existing problems

6.2.2 New problems faced by Central Huijin Company and its role in the management of financial state-owned assets

6.3 Reform the existing reserve management system

6.3. 1 Establishment of authorization system for foreign exchange reserve management in China

6.3.2 Accelerate legislation on foreign exchange reserves.

6.4 Improve the management efficiency of foreign exchange reserves

6.4. 1 Improve the management of foreign exchange reserve structure.

6.4.2 Definition of investment in strategy of foreign exchange reserves.

6.4.3 Broaden the scope of application of foreign exchange reserves.

7 concluding remarks

Main references

Research results during doctoral study.

Express gratitude/gratitude

Yeah, study hard ~ Come on, work hard.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.