China's Exchange Rate Policy: Options and Prescriptions [NOOK Book]

Overview

Over the past five years China has emerged as the world's largest surplus economy; indeed by 2007-08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This development is especially surprising since in the first 25 years of economic reform China's trade and current account surpluses were quite small by East Asian standards, averaging less than 2 percent of GDP.

This book provides a comprehensive analysis of the key economic...

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China's Exchange Rate Policy: Options and Prescriptions

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Overview

Over the past five years China has emerged as the world's largest surplus economy; indeed by 2007-08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This development is especially surprising since in the first 25 years of economic reform China's trade and current account surpluses were quite small by East Asian standards, averaging less than 2 percent of GDP.

This book provides a comprehensive analysis of the key economic challenges facing the Chinese authorities in light of the still undervalued exchange rate, the large build-up of foreign exchange reserves, the global economic crisis, and more recently the sharp decline in economic growth. It analyzes the implications of China's exchange rate policy for the effectiveness of monetary policy, the transition to a commercially oriented banking system, the evolving structure of output and demand, and the risk of protectionism abroad. The study takes account of the significant real, effective appreciation of the renminbi over the past 15 months and contrasts the pros and cons of a "stay the course" policy with those of a bolder, "three stage" approach that would seek to maintain recent progress and further correct the undervaluation of the renminbi.

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Product Details

  • ISBN-13: 9780881325164
  • Publisher: NetLibrary, Incorporated
  • Publication date: 7/20/2009
  • Series: PA 87
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 607 KB

Table of Contents

Preface vii

Acknowledgments xi

Introduction 1

1 Evolution of China's Exchange Rate Regime in the Reform Era 3

Transition to an Equilibrium Exchange Rate 4

Developments since Mid-2005 10

2 Challenges Facing the Chinese Authorities under the Existing Currency Regime 27

Independence of Monetary Policy 27

Rebalancing Economic Growth 33

Potential Effects of Renminbi Appreciation on China's Banking System 45

External Adjustment, Global Imbalances, and the Rising Risk of Protectionism 50

3 Policy Implications and Options 83

The Stay-the-Course Strategy 87

The Three-Stage Approach 94

References 97

Index 107

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