2000年以来，中国外汇储备快速增长。截至2013年末，其占世界总储备的比重已超过30%。巨额外汇储备不仅给中国经济发展带来诸多压力，其在动荡不安的世界经济环境下同样面临着窘迫的管理困境和潜在损失的可能。近4万亿美元的外汇储备足以令中国人民银行成为全球最具影响力的货币当局，但巨额储备的投资管理却也着实令外汇管理局计无所出。对于中国这样一个快速发展的新兴市场国家，善用外汇储备不仅可以在一定程度上弥补其原始资本积累的不足，更将在全球层面上显著影响世界经济的再平衡。

《中国外汇储备管理优化论》在石凯博士的学位论文以及刘力臻教授承担的多项国家课题的基础上整理而成。他们曾就书中提及的多个议题在中国和日本同我开展过多次交流。在讨论过程中，中国学者的治学严谨和敏锐思维令我至今难忘。书中全面而深刻地讨论了外汇储备规模、币种结构、资产结构优化以及外储与外债协同优化等议题，并从实践的角度为中国货币当局的外汇储备管理进行了战略设计。其间大量使用了数理经济学分析范式以及理论与实证相结合的研究方法，对外汇储备管理理论和实践的发展做出了重要贡献。特别是使用动态优化方法对外汇储备币种结构调整的最优路径的分析，不仅对中国货币当局具有重要的政策价值，对包括日本在内的东亚高储备国家也具有十分重要的借鉴意义。

日本一桥大学经济研究所教授

2014年末

Since 2000, China's foreign exchange reserves have grown rapidly. By the end of 2013, it accounted for more than 30% of the world's total reserves. The huge foreign exchange reserves not only bring a lot of pressure to China's economic development, but also face embarrassing management difficulties and potential losses in the volatile world economic environment. Nearly $4 trillion in foreign exchange reserves is enough to make People's Bank of China the most influential monetary authority in the world, but the investment management of huge reserves is also too much for the Administration of Foreign Exchange to manage. For a fast-growing emerging market country like China, making good use of foreign exchange reserves can not only make up for its lack of original capital accumulation to a certain extent, but also significantly affect the rebalancing of the world economy at the global level. "Optimization of China's Foreign Exchange Reserve Management" is compiled on the basis of Dr. Shi Kai's dissertation and a number of national projects undertaken by Professor Liu Lizhen. They have had many exchanges with me in China and Japan on many of the topics mentioned in the book. During the discussion, I will never forget the academic rigor and keen thinking of Chinese scholars. The book comprehensively and deeply discusses the scale of foreign exchange reserves, currency structure, asset structure optimization, and synergy optimization of foreign reserves and foreign debt, and makes a strategic design for the management of foreign exchange reserves by China's monetary authorities from a practical point of view. During this period, a large number of mathematical economic analysis paradigms and research methods combining theory and evidence were used, which made important contributions to the development of foreign exchange reserve management theory and practice. In particular, the analysis of the optimal path of foreign exchange reserve currency restructuring using dynamic optimization method not only has important policy value for China's monetary authorities, but also has very important reference significance for East Asian high-reserve countries, including Japan. Professor, Institute of Economic Research, Hitotsubashi University, Japan, late 2014（AI翻译）