A Study On Foreign Exchange Reserve Management Under The Background Of RMB Internationalization

In recent years,The optimization of the scale and structure of China's foreign exchange reserves has been the focus of domestic and foreign scholars,Large scale of foreign exchange reserves and structural imbalance is also the main problem facing China's foreign exchange reserve management.But after ten years of rapid growth in foreign exchange reserves,2015 China's first large-scale foreign exchange reserves significantly reduced,it can be seen that the management of foreign exchange reserve of monetary authorities has been gradually taken seriously and adjusted accordingly,face to China's current economic restructuring,industrial restructuring,economic growth decline,deterioration of the international economic environment,capital outflows and other complex situation,how to optimize the scale of foreign exchange reserves and adjust the the asset and currency structure,not only related to the scientific management of China's foreign exchange reserves,at the same time,it also plays a vital role in China's current economic restructuring and development.On the other hand,in recent years,with the rapid development of China's economy and the continuous improvement of the international status,RMB internationalization problem is gradually put on the agenda.The Belt and Road,Asian Development Bank and the establishment of RMB investment into SDR and other initiatives are pushing the RMB to become international currency in the process of moving.Under such background,whether it can provide new ideas and solutions for the management of foreign exchange reserves for our country? Based on this purpose,we will study the reserve management with the combination of RMB internationalization background.This paper focuses on the optimization and management of the structure of foreign exchange reserves(including the currency and asset structure)under the background of RMB internationalization.Trying to analyze the different characteristics of foreign exchange reserves in different stages of the internationalization of the country's currency,and the foreign exchange reserve structure management characteristics of international currency countries are compared and studied,explore a path of asset management of foreign exchange reserves,and support to promote the internationalization of the RMB.This paper has a very important and far-reaching significance both in theory and in reality.From a theoretical point of view,we plan to establish a theoretical model of the optimal foreign exchange reserve under the condition of the internationalization of the country's currency,discuss on the risk return and its dynamic adjustment process of foreign exchange reserve in the process of internationalization of its currency,to explore the dynamic relationship and internal logic between the two;From the practical application value,this study is based on the optimal foreign exchange reserve model under the condition of currency internationalization,and to estimate requirements on the optimal scale of foreign exchange reserve interval and currency structure of each stage in the process of RMB internationalization,and describe the stage characteristics of the external storage management,scientifically identify the risks and benefits of foreign exchange reserves under the conditions of RMB internationalization,and then to provide policy recommendations for the scientific management of China's foreign exchange reserves under the conditions of RMB internationalization.