中国的亿万外汇储备在增强了中国抵御国际金融风险的能力的同时，也给监管当局带来了沉重的负担，因为外汇储备并不是央行的免费储蓄可以随意使用，使用不当的话容易引起通货膨胀，而且持有如此巨额的外汇储备其成本是相当可观的。政策制定部门和学术界现在已经充分认识到外汇储备并不是越多越好，因为外汇储备的激增会导致中国的流动性过剩，从而削弱货币政策的独立性，这也已经成为我国宏观经济管理的一个难题。另外，随着我国经济的发展，外汇储备增加的脚步在近期内不会放缓，这就更增加了央行执行货币政策的操作难度和复杂性。 本文针对我国的外汇储备管理进行了一系列的分析。 首先，阐述了国际上常见的测量一国应持有的适度外汇储备的方法，并根据我国的实际情况对模型进行修正估计出我国应持有的适度外汇储备。可以很明显的看出，我国现有的外汇储备量大大的超过了适度外汇储备规模。 其次，分析了我国外汇储备快速增长的原因、我国现行的外汇储备管理模式及其中存在的问题。通过介绍世界上主要国家的外汇储备管理模式，结合我国的具体国情，对我国的外汇管理方式提出一些建议。

The 1000 billion exchange reserve of China on one hand can be the effective means of decreasing financial risks, and on the other hand, it brings heavy burden to the authority. That is because the expense of holding such huge exchange reserve can be very high. What is more, exchange reserve is not free saving of the central bank. Improper use of the exchange reserve can cause inflation, which really increase the degree of difficulty of monetary policy operation. In addition, with the development of the economy the speed of exchange reserve growth will not turn to slow. Meanwhile, the difficulty and complexity of monetary policy have increased sharply. This paper analyzes a series of issues about China’s foreign exchange reserve management. Firstly, it demonstrates the usual measurement of the appropriate foreign exchange reserve that one country should hold. Then with the consideration of China’s real situation, it revises the model and assesses China’s appropriate foreign exchange reserve. Obviously the foreign exchange reserve that our country holds now is greatly bigger than this. Secondly, it illustrates why our country can accumulate such a huge scale of foreign exchange reserve and describes how the government controls this national fortune. Then it shows the management of foreign reserve from experience of the main countries in the world. At last, under the successful examples, this paper concludes with suggestions on future management regime of foreign exchange reserve.