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Author: Mr.Sonali Das Publisher: International Monetary Fund ISBN: 1498302033 Category : Business & Economics Languages : en Pages : 31
Book Description
China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Author: Mr.Sonali Das Publisher: International Monetary Fund ISBN: 1498302033 Category : Business & Economics Languages : en Pages : 31
Book Description
China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Author: China Development Research Foundation Publisher: Routledge ISBN: 1317592441 Category : Business & Economics Languages : en Pages : 323
Book Description
The imbalance between China’s currency, the RMB, and those of other countries is widely regarded as a major problem for the world economy. There was a reform of China’s exchange rate mechanism in 2005, following which the RMB appreciated 17% against the US dollar, but many people argue that further reform is still needed. This book reports on a major research project undertaken following the 2005 reform to assess the impact on China’s economy. It considers the impact in a number of areas of the economy, including export-oriented companies, the banking industry, international trade, international capital flows, and China’s macroeconomic policy. It concludes that the policies pursued so far have been correct, and that further reform, both to the exchange rate, and to the system overall, would be desirable, but that any reform should be gradual and incremental, preserving economic stability, and integrating changes with reform in other parts of the economy.
Author: Paul Sau Leung Yip Publisher: World Scientific ISBN: 9814466522 Category : Business & Economics Languages : en Pages : 439
Book Description
The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses:Through these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of “macroeconomic policy management” as a new and important discipline in economics.While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful.
Author: Mr.Sonali Das Publisher: International Monetary Fund ISBN: 1498302025 Category : Business & Economics Languages : en Pages : 31
Book Description
China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Author: Stephen Bell Publisher: Harvard University Press ISBN: 0674073614 Category : Business & Economics Languages : en Pages : 360
Book Description
With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
Author: Jingtao Yi Publisher: LAP Lambert Academic Publishing ISBN: 9783838388618 Category : Foreign exchange rates Languages : en Pages : 232
Book Description
In the early years of the twenty-first century, China s continuing large current account surpluses and rapid accumulation of foreign exchange reserves have focused considerable global attention on the value of the Chinese currency and the feasibility of its exchange rate regime. Given the fact that any change in China s exchange rate will have a major impact internally as well as externally, the issues of the renminbi appreciation and the optimal option for China s exchange rate regime have become of major concern to China and many other countries. Very little academic literature exists on clarifying these issues theoretically and empirically in an integrated framework and in light of the Chinese distinct experience. This book, therefore, provides a new insight into China s exchange rate policy by applying a macroeconomic-balance approach to analyse the equilibrium exchange rate and the desired exchange regime for China in favour of its required macroeconomic adjustment. The analysis should help build a more informed dialogue between China and the rest of the world and should be also useful to professionals in government, business and other academic organisations.
Author: Wen Si Publisher: ISBN: Category : Languages : en Pages : 20
Book Description
Since China is becoming an increasingly important player in the world economic scene, its exchange rate policy, among other issues, have attracted the great attention of global financial markets and policymakers. Our paper takes a closer look at the evolution of the Renminbi (RMB) exchange rate regime since 1979, which can be characterized by four phases including 1979-1984, 1985-1993, 1994-June 2005, and July 2005 to date. RMB exchange rate regime transformed from a centrally planned administrative mechanism to a dual track exchange rate system, then to a managed float with a very narrow band -- a de facto peg to the U.S. dollar, and eventually to a managed float with reference to a basket of currencies. In addition, the appendix of our paper provides a chronicle of the RMB exchange rate regime reform during the period from 1979 to 2014.
Author: Mr.Sonali Das
Author: Mr.Sonali Das
Author: Stephen King
Author: China Development Research Foundation
Author: Paul Sau Leung Yip
Author: Morris Goldstein
Author: Mr.Sonali Das
Author: Stephen Bell
Author: Jingtao Yi
Author: Wen Si
Author: Edwin L.-C. Lai