CAJ | 학술논문

双顺差使外汇储备持续增加，人民币升值压力增大。为了维持人民币汇率的稳定，央行不得不加大货币供给量来买入外汇市场上过多的外汇。本文深入研究了外汇储备和货币供给量（M1，M2）的关系，采用协整和误差修正模型，得出了外汇储备和货币供给量长期均衡关系和短期波动关系，并对比了对M1， M2影响的差异。最后提出了减弱外汇储备对货币供给影响的建议，以增强央行的货币政策的独立性。
쌍순차사외회저비지속증가，인민폐승치압력증대。위료유지인민폐회솔적은정，앙행불득불가대화폐공급량래매입외회시장상과다적외회。본문심입연구료외회저비화화폐공급량（M1，M2）적관계，채용협정화오차수정모형，득출료외회저비화화폐공급량장기균형관계화단기파동관계，병대비료대M1， M2영향적차이。최후제출료감약외회저비대화폐공급영향적건의，이증강앙행적화폐정책적독립성。
The double favorable balance has urged the foreign exchange accumulate rapidly and the pressure of revaluation of RMB increased .In order to maintain the stability of exchange rate , the central bank had to increase the money supply to buy foreign exchange in the foreign exchange market .This paper studies foreign exchange re-serves and money supply of （ M1, M2） relations, using cointegration and error correction model , we find the a-mount of foreign exchange reserves and money supply exist long-run equilibrium relationship and short-term fluctua-tions compare the effects of difference .Finally, the proposal of weakening the impact of foreign exchange reserves is put forward to strengthen the independence of the central bank＇s monetary policy .