By the end of February, Hong Kong's foreign exchange reserves stood at US$ 92.8 billion, ranking third in the world, next only to Japan and the mainland of China. Since the reunification, Hong Kong's foreign exchange reserves have increased from/kloc-0 to $92.8 billion at the end of 1997 to $311200 million at the end of 20/kloc-0, an increase of 2.35 times.
It is estimated that 64% of the official world foreign exchange reserves of 1899 are mainly pounds. By 19 13, the value has dropped to 48%. As shown in the following figure, looking at the history of foreign exchange reserves, it is not difficult to find that the change base point of foreign exchange reserves is 100, and the proportion of US dollars as global foreign exchange reserves has also dropped from 72% in 1999 to 62% today. The changing trend of foreign exchange reserves will not last forever.
Expand the current foreign exchange management system and increase inflationary pressure: 1994 At the beginning of this year, China implemented a single exchange rate system. While strictly controlling capital and financial projects, it also implemented a compulsory foreign exchange settlement and sale system for current projects.
According to this system, in addition to allowing some foreign-invested enterprises to open foreign exchange cash accounts, Chinese-funded enterprises are also required to settle foreign exchange. Except for a few non-trade and non-operational income enterprises, foreign exchange income under current account must be sold to designated foreign exchange banks.
Liquidation positions of designated foreign exchange banks are all approved by the People's Bank of China according to the actual situation, that is to say, the People's Bank of China is the biggest buyer in China's foreign exchange market. In the case of China's persistent trade surplus, the People's Bank of China can only buy excess foreign exchange, resulting in an increase in the base currency. Coupled with the role of the money multiplier, an excessive and abundant money supply is formed, which intensifies the inflationary pressure and is not conducive to the macro-control of the People's Bank of China.
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