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