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摘要：外汇储备是衡量一国综合实力的重要指标之一.充足的外汇储备在调节国际收支、维持货值稳定、抵御国际金融风险方面起着重要作用。随着经济的高速增长和对外经贸交往规模的扩大，我国外汇储备规模不断扩大，已居于世界首位。而面对复杂多变的国际经济形势，高额外汇储备也带来较大的风险.本文对我国高额外汇储备的来源及风险进行了较为详细的分析并提出了相应的防范措施.

elopment ofChina’s economy and the expansion of foreign trade and economic exchanges, our country’s foreign exchange reserves have been expanding, ranking the first in the world. But huge foreign exchange reserves have also brought great risks. in the face of complicated international economic situation. The thesis has a relatively detailed analysis on the sources and risks ofChina's huge foreign exchange reserves and put forward the corresponding preventive measures.

Keywords:Foreign exchange reserves; prevention; risk

Introduction

So far,Chinahas the world’s largest foreign exchange reserves. The Chinese government and relevant department invest foreign exchange reserves into securities abroad, aiming at revitalizing the national foreign currency reserve assets, hedging against inflation and increasing their value. But the international investment market especially the American security market experienced unusual fluctuation and increasing risk, exerting severe impact and challenges on Chinese foreign exchange reserves’ foreign investment. The ever-increasing scale of foreign exchange reserves indicates the fact that our economic strength is reinforced and owns many positive effects. Simultaneously, we should foresee a series of risk accompanying high foreign exchange reserves. Negative impact would be serious if we do not take measures to cope with it.

1 Overview ofChina’s foreign exchange reserves

1.1 Current situation ofChina’s foreign exchange reserves

The foreign exchange reserves are globally and generally accepted foreign currency held by the monetary authorities of a country and used to make up for the deficit of international payments in order to maintain the stability of its national currency exchange rate.

In retrospect of the development ofChina’s foreign exchange reserves, they exceeded 100 billion US dollar for the first time at the end of 1996.In the subsequent 4 years, the rise of the reserves was relatively stable.China’s foreign exchange reserves demonstrated a trend of rapid growth since 2000 and increased to 818 billion 872 million at the end of 2005, which was the world’s second largest. On February, 2006Chinabecame the holder of the world’s largest foreign exchange reserves of 853.7 billion, exceeding that ofJapan[1]. At the end of September, 2009,China's foreign exchange reserves reached 2272 billion 595 million[2].By March, 2010China’s foreign exchange reserves reached 2447 billion 84 million, ranking first in the world. In the first quarter of 2011China’s foreign exchange reserves increased by 24.4 percent than last year, which deserved concern.

Figure 1 The scale of China’s foreign exchange reserves(2002～2011) Unit:0.1 billion US dollar

Year2002200320042005200620072008200920102011

Foreign exchange reserves2864.074932.516099.328188.7210663.4415282.4919460.3023991.5224470.8430441.67

1.2 Source structure ofChina’s foreign exchange reserves

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