Under The New Situation Of The International Monetary System Unbalance Influence On China’s Foreign Exchange Reserves And Its Optimization

Due to the influence of the U.S. financial crisis and European sovereign debt crisis, the global economic situation produced relatively strong shocks, the original operation mechanism is not smooth of the international monetary system, as the U.S. and Europe and other countries in order to out of the woods as soon as possible and continuous implementation of the "rescue plan", the unbalance of the international monetary system has become more prominent. Our country is a developing country, in an important position in the international trade exchange, combined with our country international trade for many years a large number of surplus, China has accumulated a considerable amount of foreign exchange reserve assets, however, unbalanced factors of the international monetary system of our country had a huge impact on the foreign exchange reserves, balance of foreign exchange reserves surplus, the internal structure of assets coordination, such problems as excessive administrative costs. Therefore, explore the new situation of international monetary system unbalanced impact on China’s foreign exchange reserves and put forward the optimization advice has very important theoretical significance and practical significance.This paper will be divided into five parts:The first part, introduction. Mainly introduced this article selected topic and the significance, the domestic and foreign literature review, research capacity and methods, as well as the innovation of this paper and the insufficiency.The second part, the international monetary system disequilibrium theory analysis. Mainly through the global excess liquidity, exchange rate disequilibrium, international reserves unbalanced structure, balance of payments adjustment disequilibrium unbalanced the rights and obligations, national and international financial institutions non-proportional discusses six aspects such as decision-making mechanism.The third part, the international monetary system non-equilibrium effects on China’s foreign exchange reserves. Mainly from two aspects of total amount and structure were analyzed. In total, through the disequilibrium of global excess liquidity, exchange rate regime and balance of payments imbalances in the analysis of the factors such as the unbalanced to reflect the international monetary system’s influence on China’s foreign exchange reserves balance; In terms of structure, is the main analysis of the composition of China’s foreign exchange reserves in dollar assets, in order to explore the characteristics of structure of China’s foreign exchange reserves and the international monetary system, disequilibrium of the impact of China’s foreign exchange reserves structure.The fourth part, under the new situation of the international monetary system unbalanced empirical analysis of the impact of China’s foreign exchange reserves. Through VAR model, the international monetary system is established, and the uneven factors and the relationship between the balance of China’s foreign exchange reserves and impulse response and variance decomposition, it is concluded that under the new situation, China’s foreign exchange reserves mainly by global liquidity, the international balance of payments and assets proportion in the total reserve assets of international in the us and Europe, the influence of the effective exchange rate and the spread of China and the United States, and it is concluded that the relationship between these factors and China’s foreign exchange reserves balance short-and long-term.The fifth part, the optimization of China’s foreign exchange reserves are suggested. From the control of liquidity, change of foreign exchange reserve asset structure, the exchange rate reform and put forward with pertinence suggestion to improve the international balance of payments.Comprehensive domestic and foreign scholars study of foreign exchange reserves, this paper comprehensively analyses the relevant factors that affect China’s foreign exchange reserves of static and dynamic, using the new explanation variable is global and international foreign exchange reserve asset classes M2total ratios analysis of the international monetary system’s influence on China’s foreign exchange reserves, and then to establish the VAR model, the results of the study found that the international monetary system unbalanced gross and structure of China’s foreign exchange reserves have very significant effect, although global liquidity impact on China’s foreign exchange reserves in the short term there is no significant contribution, but in the long term remains relatively stable effect, and the international foreign exchange reserve asset types of proportion, especially of the assets of the euro, for China’s foreign exchange reserves in the long run there were very significant positive correlation. Finally starting from China’s foreign exchange reserves the actual situation, proposed targeted strong optimization Suggestions, and so on the research contents and research methods have certain innovation.