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 回老BY关于外汇储备，和中国人买美国政府债券的问题。 |
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回老BY关于外汇储备，和中国人买美国政府债券的问题。 -- Anonymous - (1501 Byte) 2005-5-18 周三, 下午11:31 (467 reads) |
bystander
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作者：bystander 在 罕见奇谈 发贴, 来自 http://www.hjclub.org
外研社《英汉经济贸易字典》中，foreign exchange reserve （外汇储备）那一条的解释是：一个国家所持有的用于偿还国外债务的外币、黄金等的储备。
下面是www.answers.com的解释：
Foreign exchange reserves are the foreign currency deposits held by national banks of different nations. These are assets of Governments which are held in different hard currencies such as Dollar, Euro, Yen and Pound Sterling.
Central banks accumulate foreign reserves as a way to affect the exchange rates. By printing local currency and then exchanging it for a foreign currency, central banks increase the supply of the home currency on the foreign exchange markets. This puts a pressure on the home currency to depreciate, and conversely makes foreign currencies appreciate relative to the home currency. Currency depreciation is used by government to make local exporters more competitive at the expense of making imports and capital purchases more expensive.
When a country accumulates a large amount of reserves relative to the amount of local currency outstanding, it may establish an exchange rate peg. One example of such a peg is the Chinese peg of the Yuan (also known as the Remnimbi) to the US Dollar. If the level of reserves later falls or inflation picks up, investors may start to question the 'sustainability' of a peg, and put speculative pressure on the currency. When the country is no longer able to sustain the pressure, the peg collapses and a currency crisis ensues. When investors started questioning Argentinian government's ability to pay off its debt in 2001, the peso's peg to the dollar collapsed and resulted in a depression in the local economy.
此外，简单回应你最后一点：
中国的外汇储备从没必要全数购进美债，较合理的做法是按各贸易伙伴所占贸易额的相应比例，持有“一篮子”其它国家的货币，另外还可买进一定比率的黄金，这是不少研究经济的学者的普遍共识，也是中共现正考虑采取的策略。
作者：bystander 在 罕见奇谈 发贴, 来自 http://www.hjclub.org |
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