中文摘要：

巨额外汇储备贬值风险与庞大的地方政府债务失控风险是中国面临的双重困境。借鉴股权分置改革经验,将部分外汇储备资产以代替地方政府偿还商业银行债务方式注入金融市场体系,即推动国家外汇储备资产分置,是政府摆脱双重困境的有效途径。数据表明,将适量外汇储备资产注入商业银行和资本市场体系具有现实基础,不影响中国抵御国际金融风险的能力。四大动力机制是推动国家外汇储备资产分置的理论基础。此外,实现外汇储备资产分置具有法理基础和公平基础,其潜在道德风险是可控的。

英文摘要：

In China, foreign exchanges reserves are increasing at express speed while the risk of local government liabilities is accumulating rapidly. The government is puzzled by the risks of US dollar＇ s devaluation and local government＇s liabilities getting out of control. Pushing the reform of foreign exchange reserves, deploying partial assets into commercial banks systems to pay the debts for local government will be helpful to the questions. Instead of decreasing the country＇s capacities in preventing the global financial crisis, the reform has meaningful influences in building a new financial and taxation system and other reforms. The reform has its legal footing, justice and rationality. There are successful experiences that can be used for reference.