International Comparison And Study On Active Management Of Foreign Exchange Reserve

Since the Foreign Exchange System Reform in 1994, China's foreign exchange reserve expanded rapidly. On one hand, this enhances our capacity of payment and interference in foreign exchange market, on the other hand, it means we abandoned the right to import industrial resources to improve our economy. With foreign exchange reserve increasing rapidly,more and more countries with high foreign exchange reserve attach importance to foreign exchange reserve management. And more countries adopt the active management of foreign exchange reserve. Active management of foreign exchange reserve is, on the premise of meeting the necessary liquidity and security of reserve assets, to establish special investment institution with the surplus reserve. To widen the reserve investment channel, prolong it's term and take the manner of combined investment, so as to promote the yield. Through comparing the management system of foreign exchange reserve of Singapore, Norway, Japan and Korea, and then the organization structure, investment strategy and risk control of the leading reserve investment corporations in the world, this paper puts forward the policy proposal of making active management of foreign exchange reserve for our country and founding and running foreign exchange investment corporations.