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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.

policy taken by the U.S. Federal Reserve to stimulate the economy leads to a decline in the yields of T-bonds, which will undoubtedly make our country's foreign exchange reserve losses heavier.

2.2.3 Increasing the risk of RMB appreciation, which is not conducive to the smooth commencement of foreign trade

The rapid accumulation ofChina’s foreign exchange reserves indicates that supply exceeds demand in the domestic foreign exchange market, which means there is expectation of RMB appreciation. The more the foreign exchange reserves, the more the base currency central bank must put in. In order to reduce the impact on the economy caused by excessive base currency input, the central bank should issue bills to hedge against excessive domestic currency, which intensify the pressure of RMB appreciation. The appreciation of the RMB will make the price of our country’s export products rise and weaken our country export product competitiveness. Many small and medium sized foreign trade enterprise lose the advantage of low prices going bankrupt in succession, which has an influence on domestic labor employment.

2.2.4 Unbalancing the driving force structure of economic growth, which is not conducive to the transformation to domestic-demand-oriented model of the economic growth

Some policy factors like government’s promotion of exportation and investment and the expectation of the RMB appreciation play leading roles in the formation ofChina's huge amount foreign exchange reserves. To maintain the dynamical structure of economic growth mainly dependent on exportation and investment would not only hinder the implementing of the scientific outlook on development, but also impair the economic growth potential and reserve strength, which is adverse to the sound and sustainable development of the economy

3 Countermeasures of the risk of foreign exchange reserves

3.1 To maintain the modest size of the foreign exchange reserve-s

China's huge foreign exchange reserves outdistance the moderate amount illustrated in the foreign exchange reserves theory. Superficially, international payment surplus is the direct reason for the expanding scale ofChina's foreign exchange reserves. ConsideringChina's abundant supply of foreign exchange reserves decided by the persistence of 'double surpluses' in international payments, the key to control the expansion of the scale of foreign exchange reserves lies in the improvement of the condition of international payments. It should also be noted that the huge amount of foreign exchange reserves is our national wealth accumulated for many years. At present, the deep-seated reason for the excessive foreign exchange reserves in essence is thatChina's foreign exchange management systems have some defects. Therefore, system reform and quantity control should be implemented simultaneously to maintain a moderate scale of foreign exchange reserves[7]. Following specific measures can be adopted.

3.1.1 Promoting the reform of the of foreign exchange management system

Firstly, we should reform the mandatory exchange settlement and let business and individuals hold more foreign currency.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。