2010年我国官方外汇储备规模已达2.8473万亿美元的巨量规模,居世界第一位。外汇储备规模的放量增长不可避免给我国的货币供给带来冲击,进而可能以货币供给量为中介影响我国的居民消费物价水平。就此,本文对外汇占款对我国居民消费物价水平的影响效应及其变化情况进行了实证分析,并从影响通胀水平的外部因素方面提出了政策建议。 In 2010, China’s official foreign exchange reserves have reached a huge scale of 2.8473 trillion U.S. dollars, ranking first in the world. The massive growth in the size of foreign exchange reserves will inevitably have an impact on China’s money supply, and may then use the money supply as an intermediary to influence China’s consumer price level. In this regard, this paper conducts an empirical analysis of the effect of foreign exchange payments on China’s consumer price level and its changes, and proposes policy recommendations in terms of external factors that affect inflation levels.