The renminbi's dollar peg at the crossroads:
"In the face of huge balance of payments surpluses and internal inflationary pressures, China has been in a classic conflict between internal and external balance under its dollar currency peg. Over the longer term, China's large, modernizing, and diverse economy will need exchange rate fl...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Tokyo
IMES
2007
|
| Series: | Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan
2007,11 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "In the face of huge balance of payments surpluses and internal inflationary pressures, China has been in a classic conflict between internal and external balance under its dollar currency peg. Over the longer term, China's large, modernizing, and diverse economy will need exchange rate flexibility and, eventually, convertibility with open capital markets. A feasible and attractive exit strategy from the essentially fixed RMB exchange rate would be a two-stage approach, consistent with the steps already taken since July 2005, but going beyond them. First, establish a limited trading band for the RMB relative to a basket of major trading partner currencies. Set the band so that it allows some initial revaluation of the RMB against the dollar, manage the basket rate within the band if necessary, and widen the band over time as domestic foreign exchange markets develop. The ultimate goal is a floating exchange rate coupled with some relative of inflation targeting. Second, put on hold ad hoc measures of financial account liberalization. They will be less helpful for relieving exchange rate pressures once the yuan/basket rate is allowed to move flexibly within a band, and they are best postponed until domestic foreign exchange markets develop further, the exchange rate is fully flexible, and the domestic financial system has been strengthened and placed fully on a market-oriented basis."--Author's abstract |
| Physical Description: | 44 S. graph. Darst. |
Staff View
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| geographic | China Economic policy 2000- |
| geographic_facet | China Economic policy 2000- |
| id | DE-604.BV023107776 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:47:13Z |
| indexdate | 2024-07-09T21:11:12Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016310426 |
| oclc_num | 173228345 |
| open_access_boolean | 1 |
| owner | DE-355 DE-BY-UBR DE-188 |
| owner_facet | DE-355 DE-BY-UBR DE-188 |
| physical | 44 S. graph. Darst. |
| psigel | ebook |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | IMES |
| record_format | marc |
| series2 | Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan |
| spelling | Obstfeld, Maurice 1952- Verfasser (DE-588)124550800 aut The renminbi's dollar peg at the crossroads Maurice Obstfeld Tokyo IMES 2007 44 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan 2007,11 "In the face of huge balance of payments surpluses and internal inflationary pressures, China has been in a classic conflict between internal and external balance under its dollar currency peg. Over the longer term, China's large, modernizing, and diverse economy will need exchange rate flexibility and, eventually, convertibility with open capital markets. A feasible and attractive exit strategy from the essentially fixed RMB exchange rate would be a two-stage approach, consistent with the steps already taken since July 2005, but going beyond them. First, establish a limited trading band for the RMB relative to a basket of major trading partner currencies. Set the band so that it allows some initial revaluation of the RMB against the dollar, manage the basket rate within the band if necessary, and widen the band over time as domestic foreign exchange markets develop. The ultimate goal is a floating exchange rate coupled with some relative of inflation targeting. Second, put on hold ad hoc measures of financial account liberalization. They will be less helpful for relieving exchange rate pressures once the yuan/basket rate is allowed to move flexibly within a band, and they are best postponed until domestic foreign exchange markets develop further, the exchange rate is fully flexible, and the domestic financial system has been strengthened and placed fully on a market-oriented basis."--Author's abstract Wirtschaftspolitik Balance of payments Balance of payments China Foreign exchange rates Foreign exchange rates China Money China Renminbi China Economic policy 2000- Institute for Monetary and Economic Studies, Bank of Japan Discussion paper series 2007,11 (DE-604)BV010647223 2007,11 http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-11.pdf Verlag kostenfrei Volltext |
| spellingShingle | Obstfeld, Maurice 1952- The renminbi's dollar peg at the crossroads Wirtschaftspolitik Balance of payments Balance of payments China Foreign exchange rates Foreign exchange rates China Money China Renminbi |
| title | The renminbi's dollar peg at the crossroads |
| title_auth | The renminbi's dollar peg at the crossroads |
| title_exact_search | The renminbi's dollar peg at the crossroads |
| title_exact_search_txtP | The renminbi's dollar peg at the crossroads |
| title_full | The renminbi's dollar peg at the crossroads Maurice Obstfeld |
| title_fullStr | The renminbi's dollar peg at the crossroads Maurice Obstfeld |
| title_full_unstemmed | The renminbi's dollar peg at the crossroads Maurice Obstfeld |
| title_short | The renminbi's dollar peg at the crossroads |
| title_sort | the renminbi s dollar peg at the crossroads |
| topic | Wirtschaftspolitik Balance of payments Balance of payments China Foreign exchange rates Foreign exchange rates China Money China Renminbi |
| topic_facet | Wirtschaftspolitik Balance of payments Balance of payments China Foreign exchange rates Foreign exchange rates China Money China Renminbi China Economic policy 2000- |
| url | http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-11.pdf |
| volume_link | (DE-604)BV010647223 |
| work_keys_str_mv | AT obstfeldmaurice therenminbisdollarpegatthecrossroads |