Особенности управления международными резервами в Китае

Проведено сравнение мировой практики управления международными резервами с подходами КНР. Показано, что Китай трактует функции международных резервов гораздо шире, чем предусмотрено МВФ, активно используя их не только в качестве буфера против внешних шоков, но и для стимулирования экономического развития.

This study explores the unique characteristics of international reserve management in China, an area that has received limited attention in existing literature. While most research focuses on the excessiveness of China’s reserves based on International Monetary Fund (IMF) optimality criteria or on challenges in reserve accumulation driven by domestic and international events, less emphasis is placed on the institutional and strategic distinctions shaping China’s approach. This article aims to address this gap. By comparing international practices guided by IMF recommendations with China’s distinctive methodologies, this paper highlights two critical aspects. First, China’s reserve management is characterized by institutional specificities, where sovereign wealth funds handle investments, and reserve operations are coordinated at the governmental level rather than solely by the central bank. Second, China adopts a broader interpretation of the functions of international reserves, exceeding the conventional IMF standards. Beyond serving as a buffer against external shocks, these reserves are leveraged as tools for economic development. This paper demonstrates that China employs its reserves to enhance export competitiveness by maintaining the Yuan’s exchange rate below parity, to secure access to global markets and technologies, and to fund external projects that solidify its economic standing in the global system. Additionally, reserves are utilized to stimulate domestic investment through bank lending. Consequently, expanding reserve holdings beyond IMF-defined thresholds imposes minimal economic costs for China.