05294nam 2200661 a 450 991081506360332120240516111326.01-283-43332-X9786613433329981-4289-11-6(CKB)3400000000017087(EBL)840623(SSID)ssj0000572962(PQKBManifestationID)12197885(PQKBTitleCode)TC0000572962(PQKBWorkID)10541419(PQKB)10153639(MiAaPQ)EBC840623(WSP)00007491(Au-PeEL)EBL840623(CaPaEBR)ebr10524553(CaONFJC)MIL343332(OCoLC)858228120(iGPub)WSPCB0002191(EXLCZ)99340000000001708720110726d2011 uy 0engur|n|---|||||txtccrChina's exchange rate system reform lessons for macroeconomic policy management /Paul Yip Sau Leung1st ed.Singapore ;Hackensack, N.J. World Scientificc20111 online resource (439 p.)Description based upon print version of record.981-4289-10-8 Includes bibliographical references (p. 391-393) and index.About the Author; Preface; Brief Contents; Contents; Acknowledgements; Part I: China's Exchange Rate System Reform; Chapter 1 Macroeconomic Conditions and Debates Before the Reform; 1.1 Macroeconomic Conditions Before the Reform; 1.1.1 The Beginning of China's Persistent Trade Surplus; 1.1.2 The Asian Financial Crisis: The Beginning of the Peg to US Dollar; 1.1.3 The Weakening US Dollar Since Early 2002: Reasons and Impact; 1.1.4 Other Macroeconomic Performance Before the Reform; 1.2 Debate Before the Reform: Risk of Various ProposalsChapter 2 Transitional and Medium-Term Designs of the Reform 2.1 The Proposed Transitional Reform; 2.1.1 Gradual Appreciation, No Major or Medium Jump in Exchange Rate and No Widening of Band; 2.1.2 A Basket of Currencies with Special Care to the Exchange Rate Against the US Dollar at the Early Stage; 2.1.3 A Narrow Exchange Rate Band at the Early Stage; 2.2 The Proposed Medium-Term Arrangements; 2.2.1 The Debating Process Before the Medium-Term Recommendation; 2.2.2 The Medium-Term Recommendation; Chapter 3 Supplementary Measures3.1 Prolonged Asset Inflation and Then Economic Crisis: A Major Potential Threat to China's Economic Development 3.2 Supplementary Measures; 3.2.1 Banking Reform; 3.2.2 Control of Asset Inflation; 3.2.3 Variable Wage Component; 3.2.4 Capital Control; Chapter 4 The Transitional Reform in 2005; 4.1 The Reform Announced in July 2005; 4.2 Market Response at the Early Stage; 4.3 Two Important Characteristics That Contribute to the Initial Success; 4.4 Proposed Measures to Deal With the Speculative Inflows; 4.4.1 Measures That Discourage Speculative Inflows4.4.2 Measures That Offset the Impacts of Speculative Inflows 4.5 Further Discussions on the Offsetting Measures; 4.5.1 Importance of Maintaining Capital Control at That Time; 4.5.2 The Moderate Speculative Inflows Was Still within the Central Bank's Sterilization Capacity; 4.5.3 Two Other Important Sources of Inflows; 4.5.4 Some Basic Principles to Guide the Direction of the Offsetting Measures; 4.5.5 Ways to Build in More Controllability and Adjustability on Potential Outflows; 4.6 More Following-Up Comments on the Offsetting Measures4.6.1 Need to Scale Up the Offsetting Measures and Maintain a Trade Surplus 4.6.2 An Accounting Hurdle on the Recommended Sterilization; 4.7 Actions Taken by the Chinese Government; 4.8 The Moderate Mistake Committed by China's Central Bank Between Mid-2006 and Early 2008; Chapter 5 Further Proposals on Supplementary Measures After the Transitional Reform; 5.1 The Potential Disaster of Developing the Renminbi Forward or Futures Market at That Time; 5.1.1 The Chinese Central Bank's Initial Proposal to Develop the Renminbi Forward Market; 5.1.2 The Potential Damage5.1.3 The Central Bank's Decision to Freeze the Development of the Renminbi Futures MarketThe author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses: The transitional, medium-term and long-term designs of the reform; China's achievements and mistakes on the reform; China's banking reform and its lessons to other emerging economies; Maintaining a certain trade surplus as a dynamically optimal choice for China; China's stock market bubble and the gradual bubble squeezing strategy; China's property inflation and its solution; China's fiscal and monetary policies during and after the global financial tsunami.Foreign exchange ratesChinaChinaEconomic conditions2000-ChinaEconomic policyForeign exchange rates337.51Yip Paul Sau-Leung1608378MiAaPQMiAaPQMiAaPQBOOK9910815063603321China's exchange rate system reform3935079UNINA