中国的外汇储备如何管理HowtoManageChina’sForeignExchange.doc

毕业论文外文文献翻译 院 系： 厦门理工学院商学系 年级专业： 08财务管理2班 姓 名： 林芬 学 号： 0801032242 附 件： How to Manage China’s Foreign Exchange Reserves?  指导老师评语： 指导教师签名： 12年 3 How to Manage China’s Foreign Exchange Reserves? Author: Ke Liu Advisor: Erik Strojer Madsen Aarhus MSc in Finance and International Business November 2007 Abstract Financial crisis is not a new term to the world and has been through the financial globalization in the past decades. Many developing countries choose to stockpile a large amount of foreign exchange reserves to protect their economy from external shocks. However, given the declining value of the US dollar, the rapid built-up of reserves also creates a new debate on what amount and which form to hold for emerging economies. This paper attempts to address the two questions for China, the largest reserve holder since 2006. By performing an empirical analysis of 42 developing countries, a series of conclusions are drawn, including a major confirmation that China’s holding of reserves exceeds the estimated adequate level. With a combination of telling evidence and theoretical interpretation, this paper provides a package of solutions to the issue of how to manage China’s foreign exchange reserves in the long-term and short-term scenarios. To fundamentally slowdown the growth rate of reserves and reduce the aggregate amount, a shift in economic policies is desired. Meanwhile, taking into account the opportunity cost of holding, a course of proactive reserve management would be advisable. Keywords： foreign exchange, reserves, China, reserve management Part I Introduction Foreign exchange reserves, also refer to international reserves, are indispensable financial resources of an economic entity. To every open economic region, the amount of reserves held by monetary authority varies dramatically based on an array of vested policies and objectives. The International Monetary Fund (IMF)identified an economy’s international reserves as “t