美元作为全球最主要储备货币的地位稳如泰山吗

2019-01-08 发布人 : 美元作为全球最主要储备货币的地位稳如泰山吗 围观 : 0评论

美元作为全球最主要储备货币的地位稳如泰山吗?

2019-01-06 08:00 来源:扑克投资家 外汇 /SDR /货币

原标题:美元作为全球最主要储备货币的地位稳如泰山吗?

本文来自市川新田三丁目,作者:Wolf Richter,译者:王为。由扑克财经App授权发布,并在扑克财经App上发布。如需转载,请联系原作者。更多精彩内容,请下载扑克财经App(iOS及安卓版本均可下载)。

美元作为全球最主要储备货币的地位稳如泰山吗

So, how hot is the Chinese Renminbi? And is the euro dead yet?

人民币现在很抢手吗?欧元已经没戏了吗?

The US dollar’s role as global reserve currency is defined by the amounts of US dollar-denominated assets – US Treasury securities, corporate bonds, etc. – that central banks other than the Fed are holding in their foreign exchange reserves. To diminish the dollar’s role as a global reserve currency, these central banks would have to dump the dollar.

评估美元在全球主要储备货币中角色重要性的基准是除美联储之外其他央行在各自的外汇储备中所持有的美国国债、美元公司债等美元标价资产的规模大小。要想淡化美元作为全球主要储备货币的地位,这些央行就必须大幅减少所持有的美元资产。

So, let’s see. Total global foreign exchange reserves, in all currencies, came in at $11.4 trillion in the third quarter, according to the IMF’s data on “Currency Composition of Official Foreign Exchange Reserves” (COFER), released this morning. The amount of USD-denominated exchange reserves was $6.63 trillion. This amounted to 61.9% of total foreign exchanges reserves held by central banks, the lowest since 2013:

来看看全球外汇储备的情况吧。2018年年末国际货币基金组织在《各国官方外汇储备中的货币构成》报告中披露的数据显示,截止到2018年三季度末,以所有货币计值的全球所有外汇储备的总量达到11.4万亿美元,其中以美元标价的外汇储备总量为6.63万亿美元,在各国央行的外汇储备总量中占比为61.9%,为2013年以来最低:

美元作为全球最主要储备货币的地位稳如泰山吗

In the chart above, note the arrival of the euro. It became an accounting currency in the financial markets in 1999, replacing the European Currency Unit. Euro banknotes and coins appeared on January 1, 2002. At the end of 2001, the dollar’s share of reserve currencies was 71.5%. In 2002, it dropped to 66.5%. Now it’s down to 62.2%.

注意上图中欧元登场时的情况,1999年欧元取代欧洲货币单位的地位成为金融市场上的计价货币,欧元现钞和硬币于2002年1月1日开始推出。在2001年年底,美元在全球外汇储备总量中的占比为71.5%,到了2002年,该比率降至66.6%,如今该比率降至62.2%。

The euro replaced a gaggle of European currencies that had been held as foreign exchange reserves, on top of which was the Deutsche mark.

欧元取代了一大堆欧洲国家发行的货币在外汇储备中的地位,其中最主要的货币是德国马克。

In Q3, the euro’s share rose to 20.5%, the highest since Q4 2014. The creation of the euro was an effort to reduce the dollar’s hegemony. At the time, the theme was that the euro would reach “parity” with the dollar. But the euro Debt Crisis ended that dream.

到了2018年3季度,欧元在全球外汇储备中的占比升至20.5%,为2014年4季度以来最高。推出欧元的目的就是为了削弱美元一家独大的地位,当时的目标是让欧元与美元之间的汇率达到1:1的平价水平,但欧债危机的发生让这一梦想成为泡影。

The other major reserve currencies don’t have a “major” share. The combined share of the dollar and the euro, at 82.4%, leaves only 17.6% for all other currencies combined. The two currencies with the largest share in that group are the Japanese yen, at 5.0%, and the UK pound sterling, at 4.5%.

其他的主要储备货币占比并不高,美元和欧元合计占了全部外汇储备总量的82.4%,其他所有货币的占比加在一起只有17.6%,其中占比最大的两个货币是占比5.0%的日元和占比4.5%的英镑。

And the Chinese renminbi? On October 1, 2016, the IMF added it to its currency basket, the Special Drawing Rights (SDR). This elevated it to a global reserve currency. Some people thought, or hoped that, being the currency of the second largest economy in the world, it would dethrone the dollar’s status as hegemon. The process is sputtering along. The RMB’s share, after jumping nearly half a percentage point to 1.84% in Q2, has now inched down to 1.80% in Q3.

相关文章

说点什么吧
  • 全部评论(0
    还没有评论,快来抢沙发吧!