国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2015年
4期
3~11
,共null页
外汇占款 外汇储备 特别国债
外彙佔款 外彙儲備 特彆國債
외회점관 외회저비 특별국채
The RMB Counterpart of Foreign Exchange Reserves; Foreign Exchange Reserves; Special Treasury Bonds
近期，有专家学者提出由财政部通过发行特别国债筹借资金．购买部分外汇储备。从而使财政部成为外汇储备管理主体，本文针对这种观点展开分析。首先。本文分析了相关的国际经验，以及不同外汇储备管理模式的利弊及法理基础。从长远看．我国外汇储备管理体制从现行模式过渡到财政部主导的双层管理模式具有一定的合理性。其次．本文对发行特别国债并据以实现外汇储备管理主导权转移的可行性进行了分析。由于中国外汇储备数额特别巨大．且存在特殊的外汇储备形成机制，大规模发行特别国债购买外汇储备的方案可能会对金融市场、货币政策框架、央行资产负债表以及宏观经济造成巨大影响。最后．在保持中国人民银行主导外汇储备管理的前提下进行部分微调是当前的最优选择．这在改革进入最后攻坚阶段的关键时期．必须理性对待。
近期，有專傢學者提齣由財政部通過髮行特彆國債籌藉資金．購買部分外彙儲備。從而使財政部成為外彙儲備管理主體，本文針對這種觀點展開分析。首先。本文分析瞭相關的國際經驗，以及不同外彙儲備管理模式的利弊及法理基礎。從長遠看．我國外彙儲備管理體製從現行模式過渡到財政部主導的雙層管理模式具有一定的閤理性。其次．本文對髮行特彆國債併據以實現外彙儲備管理主導權轉移的可行性進行瞭分析。由于中國外彙儲備數額特彆巨大．且存在特殊的外彙儲備形成機製，大規模髮行特彆國債購買外彙儲備的方案可能會對金融市場、貨幣政策框架、央行資產負債錶以及宏觀經濟造成巨大影響。最後．在保持中國人民銀行主導外彙儲備管理的前提下進行部分微調是噹前的最優選擇．這在改革進入最後攻堅階段的關鍵時期．必鬚理性對待。
근기，유전가학자제출유재정부통과발행특별국채주차자금．구매부분외회저비。종이사재정부성위외회저비관리주체，본문침대저충관점전개분석。수선。본문분석료상관적국제경험，이급불동외회저비관리모식적리폐급법리기출。종장원간．아국외회저비관리체제종현행모식과도도재정부주도적쌍층관리모식구유일정적합이성。기차．본문대발행특별국채병거이실현외회저비관리주도권전이적가행성진행료분석。유우중국외회저비수액특별거대．차존재특수적외회저비형성궤제，대규모발행특별국채구매외회저비적방안가능회대금융시장、화폐정책광가、앙행자산부채표이급굉관경제조성거대영향。최후．재보지중국인민은행주도외회저비관리적전제하진행부분미조시당전적최우선택．저재개혁진입최후공견계단적관건시기．필수이성대대。
From the international perspective, the Ministries of Finance of most countries are involved in foreign exchange reserves management and play a dominant role. Therefore, some experts and scholars put forward a viewpoint that in China the Ministry of Finance may issue special government bonds, purchase part of foreign exchange reserves, thus making the Treasury department as the main body of foreign exchange reserve management. This paper focuses on this point of view. First of all, the authors analyze the related international experience, as well as the pros and cons of different modes of foreign exchange reserve management. Secondly, the authors analyze the feasibility of issuing special bonds and changing the Leading institutions of foreign exchange reserves management. In their opinion, China＇ s foreign exchange reserves are especially huge, and there is a special mechanism in producing foreign exchange reserves. Meanwhile, since Yuan is not a convertible currency and international currency, large-scale special bonds issued to buy foreign reserves will greatly affect the financial market, monetary policy framework, the balance sheets of central bank and even the macro-economy. Finally, the authors point out that China has entered the final crucial stage of Reform and Opening, so we must design a reasonable solution to this problem. It is the optimal choice to fine-tune the foreign exchange reserves management without changing PBOC＇s dominant position.
