Debating China's Exchange Rate Policy
Publisher: Peterson Institute | ISBN: 0881324159 | edition 2008 | PDF | 399 pages | 1,4 mb
China's exchange rate policy has a great impact on the economies of the United States and the rest of the world. This important new book, based on an October 2007 conference, looks at this issue in great detail.The book has four sections. The first section assesses progress since China's July 2005 reform of its currency regime, with due attention to China s global current account position, movement of China s real effective exchange rate, the extent of the remaining misalignment of the renminbi, the roles of market forces and a currency basket in the determination of the renminbi exchange rate, and developments in the structure of the foreign exchange market. The second section analyzes how Chinese exchange rate policy reform will affect, and will be affected by, reforms and constraints in other areas of economic policy. The third section delves into the issues raised by China's exchange rate policies for international surveillance of exchange rates and for the timely correction of external payments imbalances. These issues include the appropriate rules of the game for International Monetary Fund (IMF) surveillance over exchange rate policies, the effects of China's exchange rate policies on other Asian emerging economies, and the contribution that US and European policies should make to external adjustment as a counterpart to and inducement for greater exchange rate flexibility in Asia. Finally, the concluding section presents specific proposals for how China's exchange rate and capital account policies might be modified over the medium term.
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