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The Moderate Scale of China’s Gold Reserves and the Way of Its Realization

Author: ChenQuan
Tutor: ZhouJieQing
School: East China Normal University
Course: Finance
Keywords: Gold Reserves Moderate Scale Way of Realization
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 278
Quote: 1
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Abstract


In 1994, China’s foreign exchange system was reformed, since then China’s foreign exchange reserves have continued to grow rapidly. As the end of December 2010, China’s foreign exchange reserves have reached 2.85 trillion U.S. dollars; China is the world’s largest holder of foreign exchange reserves now. But under the pressure from the U.S. "twin deficits" and its quantitative loose monetary policy, U.S dollar has continued to depreciate and caused huge losses to China. In the above context, in order to reduce the risk of foreign exchange reserves, how to optimize the structure of the current international reserves and expanding the proportion of gold reserves in China’s international reserve assets have become the hot spot of theorists and government departments. Therefore, the study of the appropriate scale of China’s gold reserves has some practical significance and also has some positive significance for the theory.Firstly, this paper analyzes the advantages and disadvantages of the gold as international reserves, and reviews the change of gold reserves’ status. Secondly, the paper introduces the change of the scale of China’s gold reserves in three periods(1949-1976,1977-1997,1998 present) and thinks that the scale of China’s gold reserves is so small and government departments should expand it appropriately. Thirdly, the paper discusses the significance of China’s increasing of the gold reserves and the significance is mainly reflected in four aspects, they are reducing the risk of foreign exchange reserves, to provide material security to RMB’s internationalization, alleviate the current "excess liquidity problem", protecting China’s financial security. Fourthly, on the basis of theoretical research results, the paper measures the size of China’s moderate scale of gold reserves, the result is that the ratio of gold to total reserves is 3%-8% and China’s Central Bank should increase its gold reserves by 900 tones -4000tones. Fifthly, the paper discusses the diversification path to achieve the moderate scale of China’s gold reserves. Finally, the paper makes summary of the text and puts forward a few policy recommendations on China’s international reserves management combined with the current economic situation.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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