本文旨在分析我國自1980年以來的外匯存底運用問題，邢慕寰教授於1980年代後期以來，一直致力於有關我國外匯準備運用的討論，本文在慶祝邢慕寰先生八秩誕辰專特別比較邢教授的論點與目前中央銀行運用外匯存底的情形。 本文的討論，可以歸納以下幾點： 1.就我國而言，保有外匯準備的瓜機與一般先國家情形略有不同，除了基於交易性、預防性和投機性動機外，更包括利用外匯準備「協助經濟發展的動機」，此項差異亦反映於我國央行求際的外匯資產運用政策。 2.本文比較邢慕寰教授「中央發展外匯基金」與央行的「外幣資金融通」措施之異同。先先，兩者的外匯存底運用方式，說明運用外匯資產「協助經濟發展的動機」，以促進國內產業升級。其次，兩者對外匯融資利率水準的訂價方式，存在較大差異。同時，央行在執行「外 幣資金融通」措施時，亦關外此項措施對貨幣供給、貨幣需求和臺幣匯率的可能影響。 3.在有關央行外匯資產的運用面，目前央行主要的外匯存底運用方式有：(1)在外幣貸款轉融通方面，自1972年以來，央行已先後提供各種不同性質的外匯資金融通業務，是一種選擇性信用融通，亦可以視為持有外匯資產以協助經濟發展動機的實際運用；(2)建立臺北外幣訴款市場，從外匯存底存放本國銀行海外分外，並且積極參與國際金融合作，亦是甚主動運用外準資產的形式；(4)在外匯市場操作方面，央行的外匯市場干預直接對外匯供需造成影響，也間接影響到市場預期心理。惟央行政策的基本態度是匯率?市場供需決定，在市場產生單方向的預期心理或國內外金融情勢發生重大變動時才做必要的干預。

　　　　　The main purpose of this paper is to analyze problems of managing foreign exchange reserves in Taiwan since 1980. we have the following conclusions. 1.The motive for holding foreign exchange reserves in Taiwan is different from that in developed countries. In addition to transactionary, precautionary and speculative motives, there is another motive, which has been reflected in our foreign reserve managing policy: assisting economic development. 2.Currently, the Central Bank of China, CBC, is managing the foreign reserves of Taiwan in several ways: (1)Since 1972 the CBC has administered several different kinds of foreign capital financing operations for domestic and foreign borrowers. These are selective credit financing operations. They can also be regarded as a practical means of assisting economic developing. (2)The CBC has established foreign currency all loan market whose initial funds were provided by the foreign reserves. (3)Currently, the CBC has put some portion of the foreign reserves into foreign branches of domestic banks, and is aggressively participating in international financial cooperation. (4)As to foreign market operation the basic attitude of the CBC is to let the exchange rate be decided by market demand and supply. Only when market failure exists due to irrational phenomena or unexpected drastical fluctuation, will the CBC intervene.