LEADER 03433nam 2200625 a 450 001 9910953436103321 005 20251117005859.0 010 $a0-88132-516-3 035 $a(CKB)2670000000040486 035 $a(OCoLC)648759772 035 $a(CaPaEBR)ebrary10399574 035 $a(SSID)ssj0000418340 035 $a(PQKBManifestationID)12130942 035 $a(PQKBTitleCode)TC0000418340 035 $a(PQKBWorkID)10377059 035 $a(PQKB)11010364 035 $a(MiAaPQ)EBC3385521 035 $a(Au-PeEL)EBL3385521 035 $a(CaPaEBR)ebr10399574 035 $a(OCoLC)923327751 035 $a(BIP)29798442 035 $a(BIP)18739481 035 $a(EXLCZ)992670000000040486 100 $a20090619d2009 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe future of China's exchange rate policy /$fMorris Goldstein and Nicholas R. Lardy 205 $a1st ed. 210 $aWashington, DC $cPeterson Institute for International Economics$d2009 215 $a1 online resource (125 p.) 225 1 $aPolicy analyses in international economics ;$v87 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a0-88132-416-7 320 $aIncludes bibliographical references (p. 97-106) and index. 327 $aEvolution 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. 330 $aOver the past five years China has emerged as the world's largest global surplus economy; indeed by 2007-08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This study provides a comprehensive analysis of the key economic challenges facing the Chinese authorities in light of the still undervalued exchange rate, the large build-up of foreign-exchange reserves, and more recently, the sharp decline in economic growth. It analyzes the implications of China's exchange-rate policy for the effectiveness of monetary policy, the transition to a commercially oriented banking system, the evolving structure of output and demand, and the risk of protectionism abroad. The policy-options portion of the study takes account of the significant real-effective of the RMB over the past fifteen months and will contrast the pros and cons of a "stay-the-course" policy with that of a bolder, "three-stage" approach. 410 0$aPolicy analyses in international economics ;$v87. 606 $aForeign exchange rates$zChina 606 $aInternational economic relations 607 $aChina$xCommerce 615 0$aForeign exchange rates 615 0$aInternational economic relations. 676 $a332.4/560951 700 $aGoldstein$b Morris$f1944-$0124127 701 $aLardy$b Nicholas R$0121566 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910953436103321 996 $aThe future of China's exchange rate policy$94469670 997 $aUNINA