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First, the huge foreign exchange reserves. As of the end of December 2009, China's foreign exchange reserves nearly $ 2.4 trillion, in 2009 total new $ 453.122 billion, in addition to 1,2 month, the rest of the month were maintained positive growth. The rapid expansion of foreign exchange reserves on the negative impact of China's economy is mainly reflected an increase in the domestic money put on the passive, thus increasing the risk of inflation. This passive delivery of the currency on the one hand the initiative to reduce domestic monetary policy, on the other hand in the post-crisis era is likely to boost inflation has become increasingly significant. Meanwhile, in the changing global currency markets under the premise behind the huge foreign exchange reserves of foreign exchange loss risk is also increased simultaneously. At present, China's foreign exchange reserves is a basket of currencies, mainly in U.S. dollars, euro, yen and other non-US currencies certain proportion. Along with the U.S. in 2009 yuan devaluation passive circumstances, coupled with China's main concern was the economic expansion of domestic policy, foreign exchange risk of loss has not been more evident, but in the long run, increasing the risk of foreign exchange losses. Despite the appreciation of the renminbi will increase the short-term loss of purchasing power of foreign exchange reserves, but it really is an effective way to reduce foreign exchange reserves. Therefore, China's huge foreign exchange reserves and the current rapid growth of foreign exchange reserves is the current post-crisis era's most important source of pressure on RMB appreciation.

第二，贸易顺差持续不减。长期的贸易顺差体现了我国在全球经济分工中的实力和地位，但这在迅速积累外汇储备的同时，会不可避免地带来更多的贸易摩擦。2009年下半年起我国在美国和欧盟所面临的各种贸易保护措施就是一个很好的例证。

Second, the trade surplus continued unabated. Long-term trade surplus reflects our division of labor in the global economy's strength and status, but the rapid accumulation of foreign exchange reserves at the same time, it will inevitably lead to more trade friction. Since the second half of 2009 in the United States and the European Union are facing a variety of trade protection measures is a good example. Therefore, maintaining exports and imports relative matching is currently facing a test of the country tradables and non-tradables resource self-regulating mechanism is not formed, by increasing exports and reducing imports two ways to solve. The former can be purchased by focusing on government arrangements, the latter can be a certain appreciation of the currency through to implementation. Demand supply theory is that aggregate demand growth in demand for imports is less than the total supply in the export supply growth, which means decreased demand for foreign exchange, the currency appreciation pressure increases, the current situation facing our country is. In addition, persistent trade surplus also increased the difficulty of the central bank to recover mobility.

第三，国际游资持续净流入。初略估算，2009年3—11月我国呈资金净流入态势，全年热钱共计流入约1600亿美元。热钱的持续净流入一方面使国内资产泡沫风险增加，另一方面也增加了人民币升值的压力。

Third, sustained net inflow of international capital. Little early estimates, from March to November of 2009 showed net inflows trend, the annual inflow of hot money totaling about $ 160 billion. Continued net inflow of hot money on the one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。