03433nam 2200625 a 450 991095343610332120251117005859.00-88132-516-3(CKB)2670000000040486(OCoLC)648759772(CaPaEBR)ebrary10399574(SSID)ssj0000418340(PQKBManifestationID)12130942(PQKBTitleCode)TC0000418340(PQKBWorkID)10377059(PQKB)11010364(MiAaPQ)EBC3385521(Au-PeEL)EBL3385521(CaPaEBR)ebr10399574(OCoLC)923327751(BIP)29798442(BIP)18739481(EXLCZ)99267000000004048620090619d2009 uy 0engurcn|||||||||txtccrThe future of China's exchange rate policy /Morris Goldstein and Nicholas R. Lardy1st ed.Washington, DC Peterson Institute for International Economics20091 online resource (125 p.)Policy analyses in international economics ;87Bibliographic Level Mode of Issuance: Monograph0-88132-416-7 Includes bibliographical references (p. 97-106) and index.Evolution of China's exchange rate in the reform era -- Transition to an equilibrium exchange rate -- Developments since mid-2005 -- Challenges facing the Chinese authorities under the existing currency regime -- Independence of monetary policy -- Rebalancing economic growth -- Potential effects of Renminbi appreciation on China's banking system -- External adjustment, global imbalances, and the risk of protectionism -- Policy implications and options -- The stay-the-course strategy -- The three-stage approach.Over the past five years China has emerged as the world's largest global 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 study 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, 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 policy-options portion of the study takes account of the significant real-effective of the RMB over the past fifteen months and will contrast the pros and cons of a "stay-the-course" policy with that of a bolder, "three-stage" approach.Policy analyses in international economics ;87.Foreign exchange ratesChinaInternational economic relationsChinaCommerceForeign exchange ratesInternational economic relations.332.4/560951Goldstein Morris1944-124127Lardy Nicholas R121566MiAaPQMiAaPQMiAaPQBOOK9910953436103321The future of China's exchange rate policy4469670UNINA