China’s Exchange Rate Policy: The Case For Greater Flexibility
Since the Asian crisis, the merit of the Chinese government’s de facto peg to the US dollar has been the subject of widening debate. This paper reviews the issues surrounding China’s currency regime choice and assesses the case for greater flexibility. Reform era exchange rate policies are examined along with the performance of the economy during and since the Asian crisis. In the Chinese context the arguments for and against fixed exchange rates are then explained and assessed. Finally, an...[Show more]
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