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山西省翻译公司关键字：reserves level, if the foreign exchange reserves at 2003 (4000 million) calculated that the cost is $ 36 billion / year, are translated into RMB in recent 300 billion yuan. This means that, with $ 400 billion in foreign exchange reserves have to pay 300 billion yuan per year cost. Second, the cost accounting of foreign exchange reserves. Cost accountant in the accounting books of record on the cost, which reflects the actual use of resources monetary expenditures. Foreign exchange reserves should not in China's international balance of payments reflected on the accounts to pay the price? On the surface, it seems that changes in accounting data does not occur, in fact, the actual data changes must occur. The reason is the world's major international reserve currency such as dollars, euros, yen and other exchange rates are floating with the market. Since 2003, the dollar has depreciated by about 18%. In recent years, China's actual use of the "peg" the quasi-fixed exchange rate system and foreign exchange reserves mainly in dollars, so, the dollar is actually equal to the synchronization of foreign exchange reserves shrink. Although the accounts do not reduce the amount of foreign exchange reserves, but the same amount of foreign exchange reserves, reducing the real value. This part of the depreciation of the dollar value of foreign exchange reserves to reduce the amount of foreign exchange reserves, China has to constitute the actual accounting costs. If the level of $ 400 billion in 2003 terms, depreciation amounted to $ 72 billion foreign exchange reserves, are translated into RMB $ 59 billion. This number can be regarded as national foreign exchange reserves $ 400 billion annually to maintain the accounting costs. This is just based on changes in the value of the dollar estimates. Third, the costs associated with foreign exchange reserves. Decision-making process related costs are costs incurred in the use and payment, if the decision does not occur will not be displayed. This means that the decision to make use of foreign exchange and foreign exchange reserves of the different decision-making will occur related costs. If the foreign exchange will be used immediately as a zero cost, then the exchange will certainly occur in storage costs is greater than zero, this cost-consuming process than the normal reserves, the others will happen more significant expenditures. Example, if the foreign exchange from the trade surplus in the current monetary system under the conditions of the credit means that a country's wealth transfer to foreign and domestic outflow of resources; to maintain the balance of resources, we must introduce the corresponding purchase the same amount of foreign capital and foreign resources . However, the introduction of capital at a price. This cost is the interest rate international finance, there are about 4-5%. Similarly, if the foreign exchange from foreign direct investment, national as international reserves, it is also the cost of international financing interest rates, which does not include foreign investment away from China after the manifestation of profits for capital resources. We are still locked in the foreign exchange reserves of $ 400 billion level, the financing costs of at least 200 billion U.S. dollars, calculated as 160 billion yuan. In fact, China's current foreign direct investment has more than 40 billion U.S. dollars, foreign exchange reserves of the associated costs far more than 160 billion yuan. Fourth, the marginal cost of foreign exchange reserves. This is a unit increase in the number of foreign exchange reserves, the costs incurred by the new amount. A country without a certain amount of foreign exchange reserves is not enough. Within a certain amount of foreign exchange reserves, the cost is a relatively stable amount, the marginal cost would not be much change. However, over a certain amount of ownership, the marginal cost will increase with the increase of foreign exchange reserves. This incremental amount in addition to the opportunity costs, accounting costs and incremental costs, mainly from foreign exchange reserves increased due to the risk of additional cost of the domestic currency, foreign exchange reserves accounted for models that not only expanded the circulation of base money, an increase of inflation inflation pressure, and may cause excessive entry of foreign capital, leading to overheating of the domestic economy and the economic bubble, and the yuan appreciation or depreciation, and ultimately lead to financial risks. It can be said beyond a certain critical point the marginal cost of foreign exchange reserves is an increased risk of costs. The cost of measurement is difficult, but the probability can be estimated. It is this cost of existence, so we have a greater need to study a reasonable
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