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政大機構典藏 > 社會科學學院 > 國家發展研究所 > 期刊論文 > Item 140.119/11105

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/11105

Title:	RMB Revaluation Will Serve China`s Self-Interest
Authors:	童振源;Sam Baker Tung,Chen-yuan;BAKER,Sam
Contributors:	政大國發所
Keywords:	Renminbi exchange rate;Hot money;Exchange rate regime;Monetary policy;Foreign exchange reserves
Date:	2004-04
Issue Date:	2008-11-28 12:40:06 (UTC+8)
Abstract:	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.
Relation:	China Economic Review,15(3),331-335
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.chieco.2004.06.003
DOI:	10.1016/j.chieco.2004.06.003
Appears in Collections:	[國家發展研究所] 期刊論文

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