外匯準備管理指導準則

Guidelines for Foreign Exchange Reserve Management

 

國際貨幣基金

International Monetary Fund

 

2001920

September 20, 2001

 

1. 外匯準備管理的目的、範圍、和協調聯繫

1. Reserve Management Objectives, Scope, and Coordination 

 

1.1 目的

1.1 Objectives 

 

外匯準備管理應尋求確保:(i)有適足的外匯準備可用來滿足各項預定的目的;(ii)以審慎方式控管流動性、市場、和信用等風險;(iii)在滿足流動性和其他的風險限定條件下,使所投資資金在中長期間能產生合理的收益。

Reserve management should seek to ensure that: (i) adequate foreign exchange reserves are available for meeting a defined range of objectives; (ii) liquidity, market, and credit risks are controlled in a prudent manner; and (iii) subject to liquidity and other risk constraints, reasonable earnings are generated over the medium to long term on the funds invested. 

 

1.2 範圍

1.2 Scope 

 

外匯準備係由政府部門所持有的國外資產所組成,且由貨幣主管當局控制並得隨時動用。外匯準備管理業務亦得包含負債和其他短期外匯部位的管理,以及衍生性金融工具的運用。

Reserves consist of official public sector foreign assets that are readily available to and controlled by the monetary authorities. Reserve management activities may also encompass the management of liabilities, other short foreign exchange positions, and the use of derivative financial instruments.

 

1.3 外匯準備管理策略和協調聯繫

1.3 Reserve management strategy and coordination 

 

外匯準備管理策略應配合並支援相關國家或聯邦的特殊政策環境,特別是其貨幣和外匯制度。在評估各種得採行的外匯準備管理策略,及其對外匯準備適足性的相關影響時,對持有外匯準備進行成本效益分析,很可能有其助益。外匯準備管理策略亦須顧及外債管理策略,以減低外部弱點。

Reserve management strategies should be consistent with and supportive of a country's or union's specific policy environment, in particular its monetary and exchange arrangements. Evaluation of alternative reserve management strategies and their respective implications for reserve adequacy are likely to be facilitated by a cost/benefit analysis of holding reserves. Reserve management strategies may also need to take into account strategies for the management of external debt for purposes of reducing external vulnerability.

 

2. 透明化和權責化

2. Transparency and Accountability 

 

2.1 負責管理外匯準備的各金融主管機構的地位、職責、和目的應清楚。

2.1 Clarity of roles, responsibilities, and objectives of financial agencies responsible for reserve management. 

 

外匯準備管理職責的分派,包括在政府、外匯準備管理單位、以及與其他機構之間的制度設計,應予公開揭露及說明。外匯準備管理的主要目的應予以清楚地定義,並公開揭露及說明所採行政策的要點。

The allocation of reserve management responsibilities, including agency arrangements, between the government, the reserve management entity, and other agencies should be publicly disclosed and explained. The broad objectives of reserve management should be clearly defined, publicly disclosed, and the key elements of the adopted policy explained.

 

2.2 外匯準備管理的市場操作應有公開的程序

2.2 Open process for reserve management market operations 

 

規範外匯準備管理單位與其交易對手關係的一般性原則應予公開揭露。

The general principles governing the reserve management entity's relationships with counterparties should be publicly disclosed. 

 

2.3 提供社會大眾外匯準備資訊

2.3 Public availability of information on foreign exchange reserves 

 

有關官方外匯準備的資訊應依照預先宣布的時間表公開揭露。

Information on official foreign exchange reserves should be publicly disclosed on a pre-announced schedule.

 

2.4 負責管理外匯準備的機構應權責相符,且能確保其健全性

2.4 Accountability and assurances of integrity by agencies responsible for reserve management 

 

對外匯準備管理單位的財務報表進行年度審計時,應涵蓋外匯準備管理業務的執行情形。獨立的外部審計人員應執行上述查核,並將其意見公開揭露。用來確保外匯準備管理單位作業健全性的內部治理一般原則應公開揭露。

The conduct of reserve management activities should be included in the annual audit of the reserve management entity's financial statements. Independent external auditors should conduct the audit and their opinion on the financial statements be publicly disclosed. General principles for internal governance used to ensure the integrity of the reserve management entity's operations should be publicly disclosed.

 

3. 制度架構

3. Institutional Framework 

 

3.1 法規基礎

3.1 Legal foundation 

 

應透過立法清楚界定外匯準備管理單位的職責和權力,以建立健全的制度和治理機制。

Sound institutional and governance arrangements should be established through a legislative framework that clearly establishes the reserve management entity's responsibilities and authority. 

 

3.2 內部治理

3.2 Internal governance

 

外匯準備管理單位的內部治理架構應遵循並反映職責清楚分派和劃分的相關原則。健全的內部作業和風險管理必須仰仗適任且經過良好訓練的人員,並遵循健全的作業實務。應有可靠的資訊和申報系統,以及獨立的稽核功能作為支援,以有效地監控內部作業和相關風險。參與外匯準備管理人員在處理個人事務時,應遵守相關的行為規範和利益衝突迴避準則。應訂定有效果的作業復原程序,以減低外匯準備管理業務因作業系統故障或受其他重大災害事件影響而嚴重地中斷。

The internal governance structure of the reserve management entity should be guided by and reflect the principles of clear allocation and separation of responsibilities. Sound management of internal operations and risks requires appropriately qualified and well-trained staff, following sound business practices. Effective monitoring of internal operations and related risks should be supported by reliable information and reporting systems, and an independent audit function. Staff involved in reserve management should be subject to a code of conduct and conflicts of interest guidelines regarding the management of their personal affairs. Effective recovery procedures should be in place to mitigate the risk that reserve management activities might be severely disrupted by the failure of operating systems, or other catastrophic events.

 

4. 風險管理架構

4. Risk Management Framework 

 

應有辨識及評估外匯準備管理作業風險的架構,並讓各種風險在可接受的參數和水準下接受管理。風險管理架構對內部自行管理資金,應採行與適用於委外管理資金相同的原則和方法。對各項風險部位應持續監控,以確定其是否已經超過可接受限額。外匯資金經理人應該瞭解其準備要接受的風險部位可能產生的財務損失和其他後果,並能對之負責。風險管理架構也應涵蓋衍生性金融工具和其他的外幣操作相關風險。為了評估外匯準備資產組合的風險和抗壓能力,外匯準備管理單位應定期辦理抗壓測試,以確認各項總體經濟金融變數或衝擊事件的潛在影響效果。

There should be a framework that identifies and assesses the risks of reserve management operations and that allows the management of risks within acceptable parameters and levels. The risk management framework should apply the same principles and measures to externally managed funds as it does to those managed internally. Risk exposures should be monitored continuously to determine whether exposures have been extended beyond acceptable limits. Reserve managers should be aware of and be able to account for potential financial losses and other consequences of the risk exposures they are prepared to accept. The risk management framework should also address risks associated with derivative financial instruments and other foreign currency operations. To assess the risk and vulnerability of the reserve portfolio, the reserve management entity should regularly conduct stress tests to ascertain the potential effects of macroeconomic and financial variables or shocks.

 

5. 有效率市場的角色

5. The Role of Efficient Markets

 

外匯準備管理及其他相關的政策操作應在有足夠深度和流動性的市場中,以健全和有效率的方式進行。

Reserve management, and any related policy operations, should be conducted in markets that have sufficient depth and liquidity, and can process transactions in a sound and efficient manner. 

 

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