中國必須將外匯存底去美元化以降低風險

經濟學家評估了中國在當前國際地緣政治局勢中的地位，表達了他們對美元儲備水平的擔憂。

Economists have highlighted concerns regarding China's vast forex reserves, particularly those held in U.S. dollars, amidst potential risks arising from anticipated measures by the upcoming U.S. president, such as tariffs or unilateral sanctions.

經濟學家強調了對中國巨額額外匯儲備的擔憂，特別是以美元持有的外匯儲備，因為即將上任的美國總統預期採取的措施（例如關稅或單邊制裁）可能帶來潛在風險。

China urged to reduce risks of holding over $3.3 trillion in forex reserves

中國敦促降低持有超過3.3兆美元外匯存底的風險

Economists have assessed China's standing in the current international geopolitical situation, expressing their concerns about the level of reserves held in U.S. dollars. According to recent reports, Zhang Ming, deputy director of the Chinese Academy of Social Sciences' Institute of Finance and Banking, has called for a pivot in the management strategy of China's forex reserves, which currently stand at over $3.3 trillion.

經濟學家評估了中國在當前國際地緣政治局勢中的地位，並對美元儲備水平表示擔憂。根據最近通報，中國社會科學院金融研究所副所長張明呼籲調整中國外匯存底管理策略，目前外匯存底規模超過3.3兆美元。

In a recently published article, Ming stated:

明在最近發表的一篇文章中表示：

"The management of these reserves faces significant challenges in maintaining and increasing their value. Particularly, China must address the financial risks associated with possible future sanctions from the U.S."

“這些儲備的管理在維持和增值方面面臨著重大挑戰。特別是，中國必須解決與美國未來可能實施的製裁相關的金融風險”

These concerns have been amplified by the upcoming U.S. presidential election, with economists expressing fears that a new president may take measures that could impact the stability of these reserves. While China has not disclosed recent statistics on the composition of its forex reserves, U.S. dollars reportedly accounted for 55% of the reserves in 2019.

即將到來的美國總統大選加劇了這些擔憂，經濟學家表示擔心新總統可能會採取可能影響這些儲備穩定性的措施。儘管中國尚未披露其外匯存底構成的最新統計數據，但據報道，2019年美元佔外匯存底的55%。

Russia has been subjected to unilateral U.S. sanctions for its involvement in the Ukraine conflict, with the European Union and the U.S. freezing over $300 billion in Russian assets. Furthermore, in April, U.S. Treasury Secretary Janet Yellen hinted at the enactment of similar sanctions if China dared to act against Taiwan. "I think you should not doubt our ability and resolve to do the same in other situations," she stressed.

俄羅斯因參與烏克蘭衝突而受到美國單方面製裁，歐盟和美國凍結了超過3000億美元的俄羅斯資產。此外，4月，美國財長耶倫暗示，如果中國膽敢對台灣採取行動，美國將實施類似制裁。 「我認為你不應該懷疑我們在其他情況下也這樣做的能力和決心，」她強調。

China and Russia, as members of the BRICS bloc, have been dedollarizing their exchanges, settling the majority of their payments in national currencies. In July, President Putin stated that over 80% of the Russian-Chinese turnover involved national currencies.

身為金磚國家集團的成員，中國和俄羅斯一直在進行外匯去美元化，大部分付款都以本國貨幣結算。 7月，普丁總統表示，俄中貿易額的80%以上涉及本國貨幣。

Read more: Putin on Dedollarization: 80% of Russia-China Trade in Rubles and Yuan

閱讀更多：普丁論去美元化：俄中貿易80%以盧布和人民幣計價

China has been gradually reducing its exposure to U.S. treasuries, decreasing its holdings from over $1,300 billion to less than $800 billion, with the steepest decline occurring between 2021 and 2023. This leaves Japan, a natural U.S. ally, as the largest holder of these papers.

中國一直在逐步減少對美國公債的曝險，持有量從超過1.3兆美元減少至不到8,000億美元，其中降幅最大發生在2021年至2023年期間。的最大持有者。