CAJ | 학술논문

随着中国金融业对外开放的不断深化，中国巨额外汇储备受到国际金融市场的影响越来越大。美国推出量化宽松货币政策后，中国需要对外汇储备的平均收益率进行合理有效的估计，以指导外汇储备的管理。为此选取2009-2013年的月度数据，估计外汇储备的平均收益率，分解利差和汇率波动对外汇储备收益和安全性的影响，指出外汇储备面临的收益率降低、风险升高的问题，并提出调整外汇储备币种结构，拓展投资渠道等改革方向。
수착중국금융업대외개방적불단심화，중국거액외회저비수도국제금융시장적영향월래월대。미국추출양화관송화폐정책후，중국수요대외회저비적평균수익솔진행합리유효적고계，이지도외회저비적관리。위차선취2009-2013년적월도수거，고계외회저비적평균수익솔，분해리차화회솔파동대외회저비수익화안전성적영향，지출외회저비면림적수익솔강저、풍험승고적문제，병제출조정외회저비폐충결구，탁전투자거도등개혁방향。
With the opening up of China＇s finance markets, China＇s huge foreign exchange reserves are influenced by International financial markets. After the United States launched quantitative easing monetary policy, China calculate the net investment yield of China＇s foreign reserves to guide the management of foreign exchange reserves. To do this, select 2009 to 2013 monthly data, calculate the net investment yield of China＇s foreign re- serves and analyse the effect of exchange rate and interest margin on security and net investment yield of China＇s foreign reserves. This paper point out the problem of the lower yield and higher risk, also propose to adjust the cmrency structure of foreign exchange reserves, a series of methods to expand investment.