Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal
英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献
ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter
澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文
小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法
英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查
temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语
经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目
日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题
职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意
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:12408
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.
The lately disclosed data by the treasury department ofAmericashowed that Chinese investment in U.S. Treasury bonds was 1.15 trillion by the end of February, 2011. According to our estimates, taking the U.S. Treasury bonds purchased by China's central bank through offshore centers such as London, Hong Kong into account, the scale of China's reserves invested in U.S. Treasury bonds is about $ 1.3 trillion to $ 1.5 trillion currently, accounting for up to 43% to 49% of China's foreign exchange reserves. According to the latest data released by the People's Bank of China,China's foreign exchange reserves were up to $ 3.04 trillion by the end of March 2011
2 Risks ofChina’s foreign exchange reserves
2.1. The main risk ofChina’s foreign exchange reserves
The more the foreign currency reserve assets are, the greater the exposed risk positions are. Specifically, it leads to the following risks.
2.1.1 Inflation risk and the risk of appreciation of RMB caused by the oversized foreign exchange reserves
With the continued growth of foreign exchange reserves and gradual increase of foreign exchange, the base currency devoted by the central bank increases continuously, exacerbating the crisis of domestic inflation. In order to hedge against foreign exchange, the central bank takes the measure of issuing bills and treasury bonds, raising the deposit reserve ratio and other measures. However, the amount of foreign exchange inflow is too large that the central bank’s power hedging against foreign exchange is relatively limited. Moreover, the U.S. dollar continues to depreciate due to the financial crisis, so the central bank purchases a large amount of dollars on the foreign exchange market in order to maintain the stability of RMB exchange rate. The amount of RMB invested in the foreign exchange market increases, which aggravatesChina's inflation risk. Although the central bank enhanced tightening dynamics, the uncertainty of international economic environment increased[5].
The huge foreign exchange reserves also have a significant impact on the trend of the RMB exchange rate. On one hand, the constant expansion of foreign exchange reserves makes the expectation of RMB appreciation higher and a lot of hot money flows intoChina.Chinawith its economy developing continuous at a high speed has become the focus of hot money inflows especially in the context of the financial crisis. On the other hand, the international community represented by theUnited Statesalways attributes the continuous expansion ofChina’s foreign exchange reserves to the undervaluation of the RMB, so it has been asking the RMB to appreciate. In a word, with the continuous expansion ofChina’s foreign exchange reserves, the risk of the appreciation of the RMB will continue to increase faced with the combination of the economic situation and political pressure.
2.1.2 The risk of structural imbalance due to the overdependence on the U.S. dollar assets.
In terms of 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。