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12[]尽管我国目前关于外汇储备管理改革方案的具体制度设计还未明确,但可以肯定的是,国家外汇投资公司(SIC)的设立将对国内货币经济产生重大影响在本文中,笔者考察了我国设立外汇投资公司的动因及国外外汇储备管理的相关经验,针对设立外汇投资公司可能的模式选择及其对我国货币经济的影响进行了探索性分析[]外汇储备;国家外汇投资公司;货币政策:(1971),男,南开大学经济学院(天津,300071),博士生研究方向:公共经济理论与财政货币政策(1978),女,南开大学经济学院(天津,300071),博士研究方向:公共经济理论与财政货币政策2003,20032006,2000,20062475,82472()2006,10663,,:()(),2000,,,,,200020002006,3500,(QFII)999!2007/10235111,,()资料来源:国家外汇管理局网站,年我国外汇储备的增长情况(单位:亿美元),,,,,,,[1],,,,,[2],,,,,2007,,,,,,,,112!2007/10235,,,,:,;,;,,[3](NBIM)(NBMP/MOD)(MAS)(GIC)(Temasek),(KIC),2070,,(ESF),,,(NBIM)3500,,NBIM,:,,701400(MAS)(GIC)(Temasek),!2007/10235113,,;,8900,400,8500,,,,,2400,1800(KIC),200,170,30,,30-40%,:;;,,,,,(),2003,,,,∀,,,,,,,,,114!2007/10235,,,,,:;,,,,,,,;,,,,,,,,,,,,:,,,,,,,,,2000,16,,,!2007/10235115,,,,:1,,,,,,,,2,,,,,,,,,,,,,3,,,(200636573,60%),,,,,,,4,116!2007/10235,,,,,,,20057,,,,,,,,#:∀:[1]IMF.GuidelinesforForeignExchangeReserveManagement[R].[2],.[J].(),2004(4).[3]./[J].,2006(12).OptimizingtheFoundationPatternofStateInvestmentCompanyofChinawithForeignExperienceZhangHaibo1GuoLing2Abstract:ThefoundationofSICwillhaveagreateffectonmonetaryeconomyofChina,althoughthestructuraldetailsofthecompanyhavenotbeenspecified.Inthispaper,theauthorexploredtheexperiencesofseveralrepresentativestatesontheactivemanagementofforeignexchangereserve,analyzedthefoundationofSICanditseffectonmonetaryeconomyofChina.Keywords:foreignexchangereserve;stateinvestmentcompany(SIC);monetarypolicy[收稿日期:2007829责任编辑:潘德平][]F83039[]A[]1000-8306(2007)10-0111-07!2007/10235117