Theoretical Exploration of the Phased Growth of China's Foreign Exchange Reserve
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摘要: 以中国1994～2004年的外汇储备实际数据为基础,对中国外汇储备的增长情况进行了分析和研究,发现中国的外汇储备增长过程具有显著的阶段性成长特征,可以分成三个不同的阶段。根据外汇储备的实际情况,并结合国际金融的相关理论知识,对外汇储备阶段性增长的原因进行了分析,指出经常项目及资本和金融项目的差额是造成外汇储备阶段性增 长的直接原因,而造成这两个项目差额的原因是明显不同的。Abstract: In the light of the data of China's foreign exchange reserve in the pe riod from 1994 to 2004, this article analyzes the growth process of China's fore ign exchange reserve.It is found that China's foreign exchange reserve features a phased growth and the growth process can be divided into three different stag es. In view of the current situation of China's foreign exchange reserve and dra wing on the relevant theories of international finance, the article explores the rationale for the phased growth of China's foreign exchange reserve and points out that the balance between current account and finance account is the direct c ause leading to the phased growth of China's foreign exchange reserve while the factors which affect the balance between the two accounts are markedly different .
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Keywords:
- foreign exchange reserve /
- phased /
- growth /
- analysis
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