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Multiple needs Perspective structure of China 's foreign exchange reserves

Author: XuJie
Tutor: LiuJunMei
School: Fudan University
Course: World economy
Keywords: Structural foreign exchange reserves Dual- currency model Optimal asset allocation structure
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 233
Quote: 0
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Abstract


A country's foreign exchange reserves are a manifestation of national economic strength, both in order to protect the normal trade and financial transactions carried out smoothly, but also to cushion the worldwide economic fluctuations and shocks. How much should a country's foreign exchange reserves, these reserves and the distribution of these two issues should have been watched by everyone, especially in this economic crisis, more intense discussion about the foreign exchange reserves. How much foreign exchange reserves is determined by a country's economic development level, the degree of openness and exchange rate policy or even political interference and other factors of the decision, the country has obvious characteristics. Structural foreign exchange reserves mainly include two aspects, namely, the currency structure of foreign exchange reserves and foreign currency assets and liabilities allocation problem. For the analysis of the currency structure of foreign exchange reserves, the paper currency three needs as the starting point, and the establishment of a dual-currency model to elaborate. Compared to the previous reserve currency structure model, this article will add reserves the defensive role models, and more able to explain the new economic situation, foreign exchange reserves as a defensive presence of capital importance. Foreign currency reserve assets for optimal structural analysis of the process, also advocated foreign currency reserve assets allocated based on the demand distribution, this part of the article will state the allocation of foreign currency reserve assets are divided into five horizontal dimension and the two longitudinal dimensions, each cross dimension represents different characteristics of assets and liabilities should be based on the state of profitability, liquidity, security requirements, respectively, monetary asset allocation in this ten cross dimension. This paper is divided into four parts: the first part is a review of the relevant literature as well as the classic paper briefly; second part describes the currency structure of foreign exchange reserves and the resulting model is a model conclusions; third part is China's foreign exchange reserves, analysis of the structure and make relevant opinion; fourth part is a summary of the full text as well as policy recommendations. In addition, there are many articles need to improve parts. First, the elaborate dual currency model for risk assumption is too simple, the reality is often less than the theoretical economic conditions described in more complicated. Second, in the allocation of foreign currency reserve assets of some elaborate, although able to draw the optimal asset allocation structure of foreign exchange reserves, but due to different international legal system as well as his country's own strategic asset protection, theoretically optimal structure may be difficult to realize in actual operation.

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