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晋城翻译公司关键字：amount of foreign exchange reserves.Second, how many of China's foreign exchange earnings?From a static perspective, the stock of foreign exchange reserves are wealth; From a dynamic perspective, foreign exchange reserves can generate incremental revenue is the proliferation of capital. China's current foreign exchange reserves, the amount of revenue can be generated in the end? First, the opportunity to gain foreign exchange reserves. With the concept of opportunity cost is relative, that take advantage of opportunities and of the proceeds; the contrary, they constitute a cost to give up the opportunity. Countries to maintain foreign exchange reserves is to give up the domestic investment opportunities, select investment opportunities in foreign countries, which use the investment behavior of foreign exchange in foreign reserves constitute the opportunity to return. China's current foreign exchange reserves invested in U.S. treasury bonds and bank savings, investment rate of return was about 3%. Existing foreign exchange reserves investment rate of return multiplied by the amount of investment income is the foreign exchange reserves, as calculated by $ 400 billion should be $ 12 billion dollars a year more than 990 billion yuan of revenue. Second, the foreign exchange reserves of accounting earnings. This is a direct increase on the accounting part. From the realistic point of view, it returns the same content and opportunities, that the performance of foreign exchange reserves invested in U.S. Treasury bonds and savings benefits. Coincide with the opportunity to gain accounting income due to a single investment in China's foreign exchange reserves and transparent, if further expand investment channels, such as investment in stocks and other derivative financial instruments, then there will be a wide gap between the two, but the opportunity will be greater than the accounting income income. Third, foreign exchange reserves of the relevant benefits. This is mainly generated by foreign investment into the country's national tax increase. Given the years of foreign capital into the country has been enjoying the tax aspects of super-national treatment of foreign capital gains tax are satisfied that the overall ratio of only about 10%. As mentioned earlier, if the hedge foreign exchange reserves of $ 400 billion of foreign capital, capital, profit margin of 10%, the amount of foreign reserves generated income for the 4000 × 10% × 10%, or 40 billions of U.S. dollars 33 billion yuan . Fourth, the marginal benefit of foreign exchange reserves. This is mainly manifested as an increase in foreign exchange reserves to enhance the country's comprehensive national strength and the financial ability to resist risks, etc., as it is difficult to specifically measure the marginal cost. However, generally speaking, foreign exchange reserves of marginal cost and marginal revenue in a certain range of deviation is not large, only after more than a certain threshold, the marginal cost of increasing and diminishing marginal returns would accelerate the expansion of the gap between the two . Because of currency volatility will make any huge foreign exchange reserves very quickly "evaporate" away.
Third, China's foreign exchange reserves from the comparison of costs and benefits of science to determine the reasonable amount of foreign exchange reserves
The amount of the above static analysis has shown that the opportunity cost of reserves is greater than the opportunity to return, accounting costs than accounting earnings, is greater than the associated costs related to revenue, marginal cost is greater than marginal revenue. Worthy of note is that this analysis is based on China's foreign exchange reserves, currently has a large number of basis. In other words, a country's foreign exchange reserves exceeded a certain amount, it may have a greater externalities, thereby reducing the wealth effect, and a negative impact on the country's economy. From the dynamic point of view, foreign currency reserves and a country's economic strength and adapt to the specific circumstances, the benefits and costs are more likely to be another round of scenarios. On this point, we can learn from Japan, Korea, Taiwan, Hong
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