With balance of payments in China and the RMB exchange rate approaching the equilibrium level,political gaming of domestic interest groups rather than international political pressures plays a more important role in f...With balance of payments in China and the RMB exchange rate approaching the equilibrium level,political gaming of domestic interest groups rather than international political pressures plays a more important role in future bidirectional changes of the RMB exchange rate.From the perspective of political economics,this paper analyses the dynamics of exchange rate preferences of domestic interest groups and their role in the evolution of RMB exchange rate regimes.The findings show that interest groups and their exchange rate preferences do play a significant role in RMB exchange rate reforms,which implicates that it is necessary to take account of policy preferences and political gaming of interest groups in the determination and forecasts of the RMB exchange rate.展开更多
基金This work was supported by the National Social Science Fund of China(15BGJ034).
文摘With balance of payments in China and the RMB exchange rate approaching the equilibrium level,political gaming of domestic interest groups rather than international political pressures plays a more important role in future bidirectional changes of the RMB exchange rate.From the perspective of political economics,this paper analyses the dynamics of exchange rate preferences of domestic interest groups and their role in the evolution of RMB exchange rate regimes.The findings show that interest groups and their exchange rate preferences do play a significant role in RMB exchange rate reforms,which implicates that it is necessary to take account of policy preferences and political gaming of interest groups in the determination and forecasts of the RMB exchange rate.
