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论文作者:英语论文论文属性:作业 Assignment登出时间:2014-07-29编辑:yangcheng点击率:12407
论文字数:4699论文编号:org201407282320225386语种:英语 English地区:英国价格:免费论文
关键词:Risk PreventionChina’s Foreign Exchange Reserves中国外汇储备风险防范国际金融风
摘要:外汇储备是衡量一国综合实力的重要指标之一.充足的外汇储备在调节国际收支、维持货值稳定、抵御国际金融风险方面起着重要作用。随着经济的高速增长和对外经贸交往规模的扩大,我国外汇储备规模不断扩大,已居于世界首位。而面对复杂多变的国际经济形势,高额外汇储备也带来较大的风险.本文对我国高额外汇储备的来源及风险进行了较为详细的分析并提出了相应的防范措施.
1.2.1 Current account surplus
Generally speaking,China’s current account has maintained a surplus. It shows that a series of preferential measures taken byChinato encourage export worked, andChinagained a lot of foreign exchange reserves. The empirical analysis of China′s trade balance from 1979 to 2008 shows that the Chinese trade surplus is caused by the over-issued U.S. dollars; RMB appreciation has a small contribution to China′s surplus in the short term. In recent yearsChina's external terms of trade have moved around a lot in recent years, because of swings in raw commodity prices. But on average, the terms of trade dropped only 4 percent between 2007 and 2010, which had a modest impact on the current account[3]. The current account surplus for 2011 as a whole is likely to fall to 3.5 to 4 percent of GDP.
1.2.2 Capital and finance account surplus
China's capital and finance account has maintained trade surplus since 1994, and the projects accounted for a large proportion of international payments. It is an important source ofChina's foreign exchange reserves. The capital and financial account surplus in 2008 was $ 46.3 billion. Capital and financial account surplus of 2009 was $ 180.8 billion the surplus amount, which was significantly increased than that of 2008. This was mainly due to the impact of the international financial crisis beginning with theU.S.subprime mortgage crisis in 2008, making foreign direct investment inChinareduced. The difference between the capital and financial account and the direct investment account was $ 101.1 billion in 2010. This was mainly because the other investment account surplus was $ 72.4 billion, so the surplus amount was further expanded. It also reflected that a growing number of foreign investors were optimistic about RMB appreciation potential, and a large number of foreign exchange flowed intoChinain the form of short-term loans. FDI has significant positive effects on foreign trade, and the same to foreign trade surplus on foreign reserves. It is asserted that long-run equilibrium co-integration relation should exist among FDI, foreign trade and foreign reserves[4].
1.3 Composition ofChina’s foreign exchange reserves
According to the data from IMF, by the end of 2010, 61% ofChina’s foreign exchange reserves are invested in U.S. dollar assets, 26% in Japanese yen assets and 13% in assets of other currencies. Though China SAFE don’t disclose the composition of currency reserves, it can be estimated that the 本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。