13 Exchange Rate Policy
Author:
Mr. Nicolas R Blancher
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https://orcid.org/0000-0002-1933-4591
Language:
English
Print Publication Date:
24 Feb 2003
Keywords:
WTO accession; FDI inflow; income distribution; accession to the World Trade Organization; extent FDI; reform process; Foreign direct investment; Total factor productivity; Nonperforming loans; Bank credit; Personal income; South Asia; Global; Europe; Africa; Asia and Pacific; renminbi exchange rate; market opening; equilibrium exchange rate; productivity gain; Exports; Exchange rate flexibility; Currency markets; Exchange rate arrangements

Abstract

Although China’s exchange rate regime is officially described as a managed float, the renminbi has in practice been tightly linked to the U.S. dollar, especially since the Asian financial crisis.1 This policy was credited with serving as an important anchor of stability, both for China and the region, during this period. However, as the region has stabilized, the question has arisen whether China should allow greater flexibility of the renminbi, particularly in light of continued rapid structural change in the economy, including as a result of World Trade Organization (WTO) accession.

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Cover China
China
Competing in the Global Economy
ISBN:
9781589061781
Publication Date:
24 Feb 2003
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589061781.071
Pages:
229