|
大同翻譯公司關鍵字：Summary: China's foreign exchange reserves in the end is more or less? This requires from the economics of cost - benefit analysis, in order to judge the state of science held by many foreign exchange reserves is reasonable and cost-effective. The cost of holding foreign exchange reserves - the opportunity to gain project costs and benefits, accounting costs and benefits, associated costs and benefits and the marginal costs and benefits.
Keywords: cost analysis of foreign exchange reserves-benefit analysisCurrently, the face of the pressure of RMB appreciation, China's foreign exchange reserves is becoming increasingly prominent. Not only because of the rapid growth of foreign exchange reserves, the objective of increasing the pressure of RMB appreciation, but also for China's economy had a significant impact on many aspects. China's foreign exchange reserves in December 1996 exceeded $ 100 billion in October 2001 exceeded $ 200 billion in 2003 exceeded $ 400 billion in 2004 exceeded $ 500 billion estimated in 2005 will exceed 60 billion U.S. dollars, year after year acceleration of growth was situation. If there is no significant domestic and international financial policy adjustments to changing circumstances, in 2005, China's foreign exchange reserves will surpass Japan to become the world's foreign exchange reserves than any other country. As a developing country with so much foreign exchange reserves, has increasingly become a domestic and international academic, economic and even political attention and debate. China's foreign exchange reserves in the end is more or less? This problem may also rare to have a unified answer to the views of all parties may be very different. I think the question now is not to argue more or less foreign exchange reserves, but must first figure out how many of these reserves in the end how much revenue and cost consuming. Only from economics to cost - benefit analysis, in order to judge the state of science held by many foreign exchange reserves is reasonable and cost-effective.
First, China's foreign exchange reserves, the cost in the end be?From an economic perspective, the cost of China's current foreign exchange reserves mainly by the following aspects: first, the opportunity cost of foreign exchange reserves. Denominated in foreign currency reserves is a financial debt, the corresponding funds deposited in foreign countries, and at the end into the domestic production and use. This means that, with a foreign exchange reserves, it means giving up the money put into use in the country the opportunity. Although foreign exchange reserves can be put to use in foreign countries, but the efficiency and efficient use in the country there are differences. The opportunity cost of foreign exchange reserves should be the same amount of funds in the domestic foreign exchange reserves, investment income and investment income abroad difference. In recent years, mainly U.S. dollar reserves in China, its main investment channels in the United States is U.S. government bonds and bank savings. Both the annual investment rate of return of around 3% (this is not like some people say 5%). China's domestic investment income situation? Differences between the various sectors of the large profit margins in the automotive industry is currently about 20%, steel, aluminum, cement and other traditional industries in recent years, investment profit rate is also about 20%, integrated circuits, information networks, software and other industries income rate should not be less than these traditional industries, even if some labor-intensive industries such as textile, daily necessities manufacturing yields are about 10%, not including investment income generated by the increase of social benefits. Accordingly, estimates, business investment in recent years, the general overall level of profit should be about 12%. So deduced, the opportunity cost of foreign exchange reserves should be accounted for 9% of total foreign exchange
|