中国必须将外汇储备去美元化以降低风险

经济学家评估了中国在当前国际地缘政治局势中的地位，表达了他们对美元储备水平的担忧。

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.

经济学家强调了对中国巨额外汇储备的担忧，特别是以美元持有的外汇储备，因为即将上任的美国总统预期采取的措施（例如关税或单边制裁）可能带来潜在风险。

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

中国敦促降低持有超过3.3万亿美元外汇储备的风险

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.

经济学家评估了中国在当前国际地缘政治局势中的地位，对美元储备水平表示担忧。据最近报道，中国社会科学院金融研究所副所长张明呼吁调整中国外汇储备管理战略，目前外汇储备规模超过3.3万亿美元。

In a recently published article, Ming stated:

明在最近发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."

“这些储备的管理在维持和增值方面面临着重大挑战。特别是，中国必须解决与美国未来可能实施的制裁相关的金融风险”

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.

即将到来的美国总统大选加剧了这些担忧，经济学家表示担心新总统可能会采取可能影响这些储备稳定性的措施。尽管中国尚未披露其外汇储备构成的最新统计数据，但据报道，2019年美元占外汇储备的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.

俄罗斯因参与乌克兰冲突而受到美国单方面制裁，欧盟和美国冻结了超过3000亿美元的俄罗斯资产。此外，4月，美国财长耶伦暗示，如果中国胆敢对台湾采取行动，美国将实施类似制裁。 “我认为你不应该怀疑我们在其他情况下也这样做的能力和决心，”她强调。

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.

作为金砖国家集团的成员，中国和俄罗斯一直在进行外汇去美元化，大部分付款都以本国货币结算。 7月，普京总统表示，俄中贸易额的80%以上涉及本国货币。

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

阅读更多：普京论去美元化：俄中贸易80%以卢布和人民币计价

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.

中国一直在逐步减少对美国国债的敞口，持有量从超过1.3万亿美元减少至不到8000亿美元，其中降幅最大发生在2021年至2023年期间。这使得美国天然盟友日本成为这些债券的最大持有者。