近年来，我国外汇储备快速增长，尤其自2002 年以后呈现超速增长态势。出口迅速增长、外商直接投资增加、强制结售汇制度以及人民币的升值预期是外汇储备高增长的原因。根据国际上外汇储备适度规模理论，我国外汇储备无论从总量还是增量来说，都已超出国际公认的常规标准。本文分析了我国这种高额外汇储备对宏观经济所带来的负面影响，包括导致大量的国民财富的变相流失，增加了储备资产管理的难度和风险，加大人民币升值压力，加剧国内流动性过剩的状况，影响货币政策的调控等。我国政府应审时度势，及时地对日益增长的外汇储备进行适当处理，以提高其有效利用率。

Foreign exchange reserve of China has been increasing quickly in recent years， especially since 2002.The main cause of the rapid growth of China foreign exchange is the rapid growth of export and foreign direct invest. According to the international standard of moderate reserve holdings，China’s Foreign Exchange Reserve has been obviously excessive in view of either total volume or increment. This paper discusses the negative effects of excessive reserve on macroeconomic management，e.g.,the increasing pressure due to RMB appreciation， expediting domestic inflation, making unfavorable readjustment of monetary policy and heightening risks of reserve and exchange rate. Some measures have been suggested based on the analysis above.