我国货币错配、外汇储备管理与汇率制度选择分析

长期的固定汇率制加剧了我国货币错配的积累,通过增加外汇储备来降低货币错配风险,又加大了我国巨额外汇储备的管理成本,而巨额外汇储备从形式上有利于固定汇率制度的维持,但在实践中效果却并不理想。要跳出固定汇率制、货币错配风险积累和巨额外汇储备的循环怪圈,应该从推进人民币可自由兑换进程、实行真正意义上的有管理的浮动汇率制度和加强外汇储备管理等方面入手来解决问题。

Analysis of the Currency Mismatches, Foreign Exchange Reserves Management and the Choice of RMB Exchange Rate System in China

The currency mismatches risk was accumulated mainly because of the Lang-term fixed exchange rate.A large quantity of foreign exchange reserves was needed in order to reduce the currency mismatches risk.With the growth of the foreign exchange reserves,the cost of managing the reserves was high.Although a large quantity of foreign exchange reserves is beneficial to the maintenance of fixed exchange rate on the form,the result is not ideal in practice.So this problem can really be solved by making the RMB exchangeable freely,realizing the managed float of exchange rate and strengthening foreign exchange reserves management.