On China’s Exchange Rate Flexibility and Stability: The More Flexible against the U.S. Dollar, the More Stable in Effective Terms |
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作者姓名: | Ichiro Otani |
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作者单位: | Economic Policy |
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摘 要: | I. IntroductionFor many years, the Chinese authorities have often expressed their appreciation for the merits of a flexible exchange rate regime for China and their willingness to make the exchange rate of the renminbi, China’s national currency, be determined by market forces. 1 In the same breath, however, they also stressed the importance of a “stable exchange rate” forChina, although it is not clear what the authorities meant by a “stable exchange rate.” (The People’s bank of Chin…
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