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Title: RMB Revaluation Will Serve China's Self-Interest
Authors: 童振源;Sam Baker
Contributors: 政大國發所
Keywords: Renminbi exchange rate;Hot money;Exchange rate regime;Monetary policy;Foreign exchange reserves
Date: 2004-04
Issue Date: 2008-11-28 12:40:06 (UTC+8)
Abstract: China has operated its exchange rate regime as a de-facto peg to the dollar since the devaluation of August 1994. Given the stunning growth in foreign exchange reserves in 2003, this paper argues that the optimal currency adjustment is a one-time maxi revaluation of roughly 15% versus the U.S. dollar to a new fixed rate but to a modified anchor, that is, a trade-weighted currency basket. Once the currency was repegged and the new reference basket was implemented, any additional moves, such as widening the trading band, could be phased during a transition period of some years, providing a safe and effective path to a more flexible exchange rate regime in the medium to long term.
Relation: China Economic Review,15(3),331-335
Data Type: article
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Appears in Collections:[國家發展研究所] 期刊論文

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