摘要
The Chinese exchange rate regime is under increasing pressure from the internationalcommunity. Chinese authorities respond that the stability of the renminbi under the currentexchange rate regime is good for the Chinese economy as well as for the global economy.In this context, two seemingly failed cases of Japans exchange rate policy, namely theNixon Shock in 1971 and the Plaza Agreement in 1985, may provide some lessons forour consideration of the issue of Chinas exchange rate policy.
The Chinese exchange rate regime is under increasing pressure from the internationalcommunity. Chinese authorities respond that the stability of the renminbi under the currentexchange rate regime is good for the Chinese economy as well as for the global economy.In this context, two seemingly failed cases of Japans exchange rate policy, namely theNixon Shock in 1971 and the Plaza Agreement in 1985, may provide some lessons forour consideration of the issue of Chinas exchange rate policy.
