Effective Management of China's Foreign Exchange Reserves: Macro Policies and Micro Measures
- 经济学院－已发表论文 
对外汇储备进行有效管理,是中国外汇储备科学管理与战略运用的必然选择。有效管理的实质在于通过各种科学的方法、精巧的制度设计与具体的措施,实现外汇储备的充分使用、储备结构的优化与及时调整、储备风险的降低与分散,由此达至储备管理最高效率与最大收益的统一。基于此,本文首先分析总结了改革开放以来中国外汇储备在规模、币种和资产结构、风险管理等方面的变化情况、特点;接着在对外汇储备最优规模、最优币种结构和资产结构以及外汇储备面临的汇率风险敞口进行理论研究的基础上,从宏观角度(构建、完善外汇储备全面风险管理体系)和从微观或实际操作角度(确定适度规模、优化储备结构、分散储备风险等),对外汇储备如何进行有效管理提出总体设想、安排和具体措施建议。It is an inevitable choice for China to exert effective management on foreign exchange reserves in employing the strategy of scientific management on foreign exchange reserve. The essence of scientific management lies in the realization of the goals of adequate utilization of foreign exchange reserve, timely upgrade and adjustment of reserve structure and the reduction and decentralization of reserve risks and finally the unification of the highest efficiency and maximum earnings through a variety of scientific methods, elaborate system design and specific measures. Based on this, this paper first analyzes the changes and features of China's foreign exchange reserve on various aspects including scale, currencies and asset structure, and risk management since the reform and opening up. Then on the basis of theoretical research into the optimal scale of foreign exchange reserve, optimal currency structure and asset structure and the exchange rate risk exposure, general idea, arrangement and concrete measures and suggestions are put forward on how to effectively manage foreign exchange reserve from both the macroscopic angle(construction and improvement of overall risk management system) and the perspective of micro or actual operation(to determine the moderate scale, optimize the structure of reserves, to diversify reserve risk).