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https://ah.lib.nccu.edu.tw/handle/140.119/11105
題名: | RMB Revaluation Will Serve China`s Self-Interest | 作者: | 童振源;Sam Baker Tung,Chen-yuan;BAKER,Sam |
貢獻者: | 政大國發所 | 關鍵詞: | Renminbi exchange rate;Hot money;Exchange rate regime;Monetary policy;Foreign exchange\r\nreserves | 日期: | 四月-2004 | 上傳時間: | 28-十一月-2008 | 摘要: | 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. | 關聯: | China Economic Review,15(3),331-335 | 資料類型: | article | DOI: | http://dx.doi.org/10.1016/j.chieco.2004.06.003 |
Appears in Collections: | 期刊論文 |
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