外汇流入对中国通货膨胀的影响英文版.docx

外汇流入对中国通货膨胀的影响英文版.docx

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外汇流入对中国通货膨胀的影响英文版

Abstract

WithChina'srapideconomicdevelopment，Exportsincreasedyearbyyear，CausesthemassiveforeignexchangeflowsintoChinadirectly.OfficialwebsiteoftheCentralPeople'sBank's"ReportonFinanceStatistics2010"showsthatBytheendof2010,China'sforeignexchangereservesamountedto$2,847,300,000,000，whichhasGrows18.7%comparedtothelastyear.Eversince2006，China'sforeignexchangereserveshasalwaysbeeninthefirstplaceintheworld,faraheadofallothercountries.Themassiveforeignexchangereserve,meanstheChinesenationalstrengthFastgrowth．Butthelong-termunlimitedgrowthisbynomeansmeddlesome,Iftheforeignexchangereserveconstitutesunreasonableorthegrowthsurpassesthemoderatesector，itwillinevitablycutstheresourcesuseefficiency,evenbringbigchallengetotheeconomicdevelopment.OneimpactofforeignexchangeinflowsonChina'seconomyisinflation.

【Keywords】Inflowofforeignexchangeinflation

Acknowledgements

Sinceourcountryimplementstheforeigncurrencyexchangepolicyforalongtime,thishascausedourcountryforeignexchangereserverapidincrease,andourcountryimplementsobservescloselyUSdollarexchangeratepolicy.Forstableexchangerate.ThisrequestCentralBankfrequentlyusesintheforeignexchangemarketreversesthetool,thisalsohasthepossibilitytocauseourcountryeconomynottobeunstable.Thecentralbank'ssterilizationpolicyledtoalargenumberofbasemoneysupply,whichisputinthebasecurrencyintotheeconomythroughcommercialbanks,andthemonetarybasetozoomthroughthemultipliereffect,leadingtotheincreaseinmoneysupplyovertheeconomySystem,theamountofmoneyrequired,thusresultinginflation.Inflationhasbeencontrolledinvariouscountries,theobjectofmonetarypolicy,therelevanttheoreticalresearchfocusedprimarilyontheanglefromthequantitytheoryofmoneyanalysis.Fromthepointofviewofmonetarytheory,inflationhasbeenamonetaryphenomenon,thatis,moneyissuedbytheneedsoftheeconomythanmonetaryitemswhichledtorisingwaterprices,whichmeansthatchangesinmoneysupplycanaffecttherateofinflation,IntheformationofChina'smajorforeignexchangeandforeignreserves,resultinginissuanceofbasecurrency.Lookingfromtheforeignexchangereservechangetothedomesticeconomyinfluenceconductionmechanism,becauseourcountryhasusedobservescloselyUSdollarmonetarypolicy,thereforeCentralBankforthestableexchangeratewilladoptthecurrencytoreversethestrategy,andthiskindofstrategywillcauseCentralBanktoincreasethefoundationcurrencyinthebuy-backRenminbiprocessthedelivery,butthefoundationcurrencywillincreasewillhavethepricerisepressure.

Tableofcontents

Abstractii

Acknowledgementsiii

TableofContentsiv

1.Introduction1

2.Chinaisfacingaseriousriskofimportedinflation．．．．．．2

3.ThechangeandpresentsituationofChinaforeignexchangereservealongwithinflation4

3.1ThechangeofForeignexchangereserve5

3.2ThechangeofChinainflation5

3.3EffectsofchangesinforeignexchangereserveinChinaonCPI6

3.4Theimpactofforeignexchangereservesofthebankcredit6

4.Processanalysis7

5.Thepolicesandproposals10

5.1Themonetaryauthoritiesoffsetthescaleofchoice.10

5.2ChangethecurrentstatusofChina'smainsourceofforeignexchangereserves.12

5.3Relaxingthecurrentmicro-mainholdsexchangeamount12

5.4Rationaluseofforeignexchangereserves

5.5Exchangeratepolicymethod．．．．．．．．．．．．．．．．．．．．．．．13

References14

1.Introduction

Theexportasoneofthethreebighorse-drawnvehicles，whichdrawsourcountryeconomicgrowth.Occupied58%manyin2008ourcountry'sGDPtotalquantity.Inthecaseofnoforeignexchangecontrols,IfthesetradesurplusbytheCommercialbank,theenterprise,theresidentandsoonmicroscopicmainbodyhas.Itmayplayaroleasreservoir,Canmaintainthestabilityoftheamountofbasemoney,Regardlessofeconomicboomorbleak,Amountofforeignexchangearebasedonthewishesoftheprincipalmicro-increaseordecrease,TheCentralBankdoesnotneedtohaveortohavetheveryfewforeignexchangetooccupythefunds,Thefoundationcurrency'sdeliverymaymaintaincertaininertia,Moneysupplycanbeeffectivelycontrolled.TheforeignexchangereserveincreasescausesthefoundationcurrencywhichtheCentralBankputstoincrease,thebankmaytheloanfundincreasealongwithit,Throughmakesloanscausesincirculationthecurrencytoincrease,theexcessivelymanymoneysuppliesareoppositewiththegrowthslowcurrencydemandbetweenarenotbalanced,hasprovidedtheconditionfortheinflation.

2.Chinaisfacingaseriousriskofimportedinflation

Asthenamesuggests,theinputinflationreferstotheinflationtherootisnotacountrymarketisendogenous,butbecausetheforeigncountryappearstheinflationentersthroughinternationaltrade'sformconductiondomestic.AndforChina,inflationwasmainlyconductedbytheUnitedStatescamein,mainlyintwoways:

Thefirstwayisthroughrawmaterialpriceriseinput.asWeknew,acountrydomesticcommodity'sproductionneedsrawmaterialmayaswellasoverseasimportstwowaysthroughthehomeproductiontosatisfy,iftheoverseasimport'srawmaterialriseinpricewillcertainlytopushthehighdomesticrelatedmerchandisetheprice,wesawthatnomatteratpresentisthepetroleumorotherbulkcommodityriseinprice,isoccursunderUSdollardepreciationbackground.Thatistosay,becauseofUSdollardepreciation,itspurchasingpowerreduces,needmoreUSdollarscanachievethebeforehandpurchasingpower,i.e.appearsrisesinprices,howeverChinatoguaranteethattheexportcommoditythepricecompetitivepower,maintainstheRMBratefixeswithUSdollarinaverysmallscope,therefore,whenUSdollardepreciationcausesthecommoditypricerise,becausedoesnothavetheRMBraterevaluationtotaketoflushes,alsosimultaneouslyrosebytheRenminbivaluation'stheserawmaterialprice,directlyhaslikethiscausedtherelatedproductpricerise.

Inthistime,becausethedomesticconsumerhasnotrealizedthisisonekindofinflation,thushasnotrisenbythedomesticrawmaterialcommoditypriceprimarily,causesthewholethelifecostnotobviousrise,manifestsisfinallythelaborforcemoneycostaswellasthedomesticsupplyrawmaterialpricehasnotenhancedalongwiththeinflationappearance,likethisisthedomesticpricelevelnotremarkablerise,ButwhenthiskindofpriceconductstotheExportdivision,beforeitsresulttheexportcommoditystilltodefertotheinflationthepriceexport,althoughhadtheenormouscompetitivepowerintheprice,butinfactwassellingcheapthedomesticresources,i.e.Exportdivisiontemporaryprosperouswassellscheapthroughthedomesticresourcestrades,thisfromthelong-termsustainabledevelopment'sanglelookedthatmightnottake.

Theinflationinput'ssecondwayisinputsthroughthecirculationofcapital.RecentyearsChina'sforeignexchangereservefastgrowth,hadapartisExportdivision'sobtainingforeignexchange,meanwhilehadthequitegiantpartistheoverseasspeculativecapitalinflow,wasalsothehotmoneywhichwesaidthatbecausetheUSappearedtheinflationwasbecausetheFederalReserveoverissuedthecurrencytocreate,thusdomestichadthefullfluidityintheUS,andthefluidityneededtorevaluetheopportunity,andChinahasthenbecometheinternationalspeculativecapitalgoal,ThesespeculativecapitalswillenterChinadomesticnottobeengagedinthecyclicalexcessivelylonginvestment,thustheywillalwaysrushthecapitalmarketaswellastherealestatemarket,whenChinadomesticsecuritiespriceaswellasrealestatepriceaftertheywillleadfrieshigh,hotQianDaihugeincomewithdrawal,butwillpaytheChinesepeoplewhoforthemisinthesociallowestlevel.

Therefore,solongastheChinesegovernmentmaintainstheRMBrateandtheAmericanexchangeratehangsthehighpolicytobeinvariablebasically,China'sresourcesandthewealthcandrainimperceptiblylikethistowardoverseas,tooverwhelmingmajorityindividual,theinflationprocessisonekindofwealthredistributionprocess,Inthisprocess,onlythenfewperson'swealthcanbehigherthantheinflationthespeedgrowth,butthispartofpeopleoftenoccupiedthepublicwealthmostmajorpartperson,butwasleftovermassivelyonlyoccupiedthefewpublicwealthperson'sislowerthantheinflationfarinthisprocesswealthrateofrisethespeed,thereforewastherichpersonisricherinthiskindofinflation'sresult,thepoorpersonwaspoorer.

3.ThechangeandpresentsituationofChinaforeignexchangereservealongwithinflation．

3.1ThechangeofForeignexchangereserveSince2000,ourcountry'sinternationalpaymentbalancehasbeeninthehighfavorablebalancelevel.ThecentralbankpassivelybuyforeignexchangewhichMakesChineseforeignexchangereservegrowthunusuallyrapidSince2000,theannualgrowthrateismorethan20%．And2004speed-uphasevenachieved43.3%．Theabsoluteamountalsoincreasedfromthebeginningof2001168,600,000,000USdollarsbytheendof20102,847,300,000,000USdollarssoonBecameoneoflargestforeigncurrencyreserves.Althoughourcountrytradestillhasthedegreetobeveryhigh,butifourcountryforeignexchangereserve'sgrowthmainlycomesfromfrequentlytheprojectearnings,andthesegrowthsarestable,willthennothavetheverybigimpactontheeconomicsystem.However,ourcountryin2003foreignexchangereserve'sgrowthwasveryinfactbigapa