外汇资产

亚行的这份报告还赞成实行更严格的借贷标准，突显中国投资有限公司（cic）持有外汇资产和本币负债的风险，“如果人民币升值，此举可能将付出沉重代价”。

The report also argued for stricter borrowing criteria , highlighting the risks for the China Investment Corporation of holding foreign exchange assets and domestic currency liabilities , which " might prove costly if the yuan appreciates " .

由于外汇资产与其他的时间金融资产一样，其收益率的波动存在集聚效应&即异方差现象。

Like the other time financial assets , Foreign exchange assets volatility have heteroscedastic phenomenon .

如市场所料，中国将成为国际货币基金组织（IMF）所发行债券的首位购买者；中国此举将推动其外汇资产多样化，并可能有助于增强IMF准货币的影响力。

China is , as expected , on track to become the first purchaser of notes issued by the International Monetary Fund , a move that would diversify its foreign asset holdings and could give the IMF 's quasicurrency more clout .

其二，基础货币发行必须有相应数额的外汇资产作为准备金。

Second , basic money issue must base on corresponding foreign currency reserves .

伊朗要求解除其在韩国被冻结的外汇资产。

Iran is demanding the release of its foreign exchange assets frozen in South Korea .

中国已经取代了日本而成为世界第一外汇资产持有国。

In 2006 , China became the biggest country holding foreign exchange asset instead of Japan .

官方持有的外汇资产

Official holdings of exchange assets

上世纪90年代末的经历，促成了外汇资产角色的根本性转变。

The experience of the late 1990s caused a fundamental change in the role of foreign exchange holdings .

外汇资产的递增趋势决定了央行票据作为债务置换工具的可持续性。

The increasing trend of foreign currency assets determines the continuance of Central Bank Bill as debt replacement instrument .

因此，现阶段外汇资产的保值增值就显得尤为必要了。

Therefore , it is particularly necessary to increase the value of the foreign exchange asset at the present stage .

然而，在那些本币可能成为外汇资产多样化对象的国家当中，没有谁愿意为这些资金打开接纳之门。

However , none of the countries into whose currencies the diversification would take place want to receive these inflows .

低收益率外汇资产的累积可能会导致巨额资本损失，造成资源的浪费。

It generates a waste of resources in accumulation of low-yielding foreign currency assets exposed to the likelihood of huge capital losses .

70年代以前，布雷顿森林体系使外汇资产的汇率风险较小；

Before the 70 's , the rate of exchange system is comparatively stable , and the risk of exchange rate is smaller .

所以本文考虑从动态的角度入手，研究外汇资产的相关性，作为进一步度量外汇市场风险的基础。

So we consider using dynamic method to study the correlation between foreign exchange assets , as a further measure of market risk .

其最早产生于上世纪五十年代，科威特利用本国外汇资产设立了专门进行投资的国有投资主体。

In the fifties of last century , Kuwait first used their own foreign exchange assets set up specifically to invest instate-owned investment entities .

英国也不会像中国那样，通过持续卖出本币来操纵汇率，从而累积起外汇资产。

Nor does the UK pile up foreign assets by persistently selling its own currency to manipulate the exchange rate , as does China .

因此在对外汇资产进行投资时，一味的强调低风险或者强调高收益都是不可取的，对于投资组合的选取应该慎重。

Therefore in the foreign exchange assets investment , emphasize low risk or high yield is not desirable , for portfolio selection should be carefully .

过去两年半以来，韩国银行以担心美国制裁为由，冻结了伊朗的外汇资产。

South Korean banks have frozen Iran 's foreign exchange assets over the past two and a half years , citing fear of U.S. sanctions .

渣打银行的研究报告估算，中国今年以来大举减少对美元资产的投资，寻求分散外汇资产配置。

Standard Chartered Bank study estimates that China this year to reduce the massive investment in dollar assets , asset allocation for foreign exchange spread .

和许多其它亚洲新兴市场经济体一样，中国也积累了巨额的外汇资产，用以应对未来的紧急情况。

China , in common with many other Asian emerging market economies , built up towering mounds of foreign assets to give itself a backstop against future emergencies .

随着我国保险市场快速发展和对外开放的不断扩大，保险外汇资产的规模也在迅速扩大，而政策的放宽为保险外汇资金的运用拓展了新的渠道；

Along with the rapid development of China 's insurance market and widening of its scope of open-up , the size of foreign-currency funds of insurers is increasing rapidly too .

在1998年新兴市场危机爆发后的10年间，央行外汇资产增加了3倍，储备资产的流动性被视为过剩，更多元化的投资战略变得更具说服力。

As central bank forex assets quadrupled in the 10 years following the emerging markets crisis of 1998 , reserve liquidity was deemed excessive and more diversified investment strategies compelling .

我国的“外汇资产&人民币”发行模式导致了货币的超额发行，央行票据是对中央银行超额发行债务的置换。

Because of RMB 'S excess issue through " foreign currency assets-RMB " model in China , Central Bank Bill as a debt tool has been replacing the excess currency .

因此，外汇资产若进一步大量远离美元，确实可能会使那些采取浮动汇率制的货币升至均衡汇率水平以上，从而产生新的不平衡，并可能导致全球经济增长严重减速。

Hence , further large shifts out of the dollar could indeed push the floating currencies far above their equilibrium levels , generating new imbalances and a possibly severe slowdown in global growth .

他们通过卖掉大量的通货使之保持低价位，作为回报得到了大量的外汇资产储备，特别是美元，现在差不多有2.1万亿。

They kept it down by selling vast quantities of the currency , acquiring in return an enormous hoard of foreign assets , mostly in dollars , currently worth about $ 2.1 trillion .

外汇资产的战略配置是通过确定外汇可配置的标的资产在整个外汇资产中的长期比例关系，以达到整个外汇资产配置的长期效益最大化。

Foreign currency assets strategic configuration is that the underlying assets of foreign assets should be configured to determine the scale in the long-term period , aiming at achieving long-term benefits maximization from the whole exchange assets allocation .

然而，一些迹象表明，这可能还低估了外汇资产的增长，进而说明“热钱”涌入中国的速度有所加快，而压低汇率的难度正不断加大。

Yet there are some clues that this may understate the build up of foreign assets , in turn suggesting " hot money " flows into China have accelerated and that holding down the exchange rate is getting harder .

而且瑞士原本无须放弃汇率上限就能遏制通胀危险，比如提高银行存款准备金率，或者可以建立一个主权财富基金来管理所持有的巨额外汇资产。

Furthermore , the Swiss could have curbed inflationary dangers without abandoning the peg , for instance by increasing reserve requirements on banks . A sovereign wealth fund could have been set up to manage huge holdings of foreign assets .

从坊间传闻的角度看，中国和其它亚洲央行对其外汇资产进行多元化，包括伊朗要求日本以日元而非美元支付石油款的做法，助长了这些报道。

From an anecdotal point of view , diversification of holdings by the Chinese and other Asian central banks into other currencies , including Iran asking Japan to pay for oil in yen rather than dollars , helps fuel these reports .

在运用实物期权方法时，进一步考虑汇率的不确定性，得出外汇资产投资项目中包含的期权的定价模型，算出模型的显式解。

The uncertainty of the exchange rate are further considered by using the real options approach . In this paper draw the option pricing model included in foreign exchange assets of investment projects , and calculate the explicit solution of the model .