LEADER 05294nam 2200661 a 450 001 9910815063603321 005 20240516111326.0 010 $a1-283-43332-X 010 $a9786613433329 010 $a981-4289-11-6 035 $a(CKB)3400000000017087 035 $a(EBL)840623 035 $a(SSID)ssj0000572962 035 $a(PQKBManifestationID)12197885 035 $a(PQKBTitleCode)TC0000572962 035 $a(PQKBWorkID)10541419 035 $a(PQKB)10153639 035 $a(MiAaPQ)EBC840623 035 $a(WSP)00007491 035 $a(Au-PeEL)EBL840623 035 $a(CaPaEBR)ebr10524553 035 $a(CaONFJC)MIL343332 035 $a(OCoLC)858228120 035 $a(iGPub)WSPCB0002191 035 $a(EXLCZ)993400000000017087 100 $a20110726d2011 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aChina's exchange rate system reform $elessons for macroeconomic policy management /$fPaul Yip Sau Leung 205 $a1st ed. 210 $aSingapore ;$aHackensack, N.J. $cWorld Scientific$dc2011 215 $a1 online resource (439 p.) 300 $aDescription based upon print version of record. 311 $a981-4289-10-8 320 $aIncludes bibliographical references (p. 391-393) and index. 327 $aAbout 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 Proposals 327 $aChapter 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 Measures 327 $a3.1 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 Inflows 327 $a4.4.2 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 Measures 327 $a4.6.1 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 Damage 327 $a5.1.3 The Central Bank's Decision to Freeze the Development of the Renminbi Futures Market 330 $aThe 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. 606 $aForeign exchange rates$zChina 607 $aChina$xEconomic conditions$y2000- 607 $aChina$xEconomic policy 615 0$aForeign exchange rates 676 $a337.51 700 $aYip$b Paul Sau-Leung$01608378 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910815063603321 996 $aChina's exchange rate system reform$93935079 997 $aUNINA