This paper analyses four effects of pegging exchange rate regime： effects on government policymaking, nominal anchor, domestic currency appreciation expectation, and currericy speculative attacks. Based on this, the ...This paper analyses four effects of pegging exchange rate regime： effects on government policymaking, nominal anchor, domestic currency appreciation expectation, and currericy speculative attacks. Based on this, the paper concludes that China should give up RMB pegging exchange rate regime at present, carry out RMB floating exchange rate regime in the long term and RMB exchange rate target zone regime in the mid and short term.展开更多
The Chinese exchange rate has been the focus of discussion for many months, with bothinternal and external considerations seemingly pointing to the desirability of a currencyrevaluation. This paper draws from the less...The Chinese exchange rate has been the focus of discussion for many months, with bothinternal and external considerations seemingly pointing to the desirability of a currencyrevaluation. This paper draws from the lessons of international experience with exchange-rate regimes in the period since World War Two. It lays out the conditions necessary tovalidate a fixed exchange rate and some intermediate regimes that might work when a fixedrate is inappropriate. It then discusses what the analysis implies for contemporary China.展开更多
文摘This paper analyses four effects of pegging exchange rate regime： effects on government policymaking, nominal anchor, domestic currency appreciation expectation, and currericy speculative attacks. Based on this, the paper concludes that China should give up RMB pegging exchange rate regime at present, carry out RMB floating exchange rate regime in the long term and RMB exchange rate target zone regime in the mid and short term.
文摘The Chinese exchange rate has been the focus of discussion for many months, with bothinternal and external considerations seemingly pointing to the desirability of a currencyrevaluation. This paper draws from the lessons of international experience with exchange-rate regimes in the period since World War Two. It lays out the conditions necessary tovalidate a fixed exchange rate and some intermediate regimes that might work when a fixedrate is inappropriate. It then discusses what the analysis implies for contemporary China.
