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    题名: RMB Revaluation Will Serve China`s Self-Interest
    作者: 童振源;Sam Baker
    Tung,Chen-yuan;BAKER,Sam
    贡献者: 政大國發所
    关键词: Renminbi exchange rate;Hot money;Exchange rate regime;Monetary policy;Foreign exchange reserves
    日期: 2004-04
    上传时间: 2008-11-28 12:40:06 (UTC+8)
    摘要: 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.
    關聯: China Economic Review,15(3),331-335
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1016/j.chieco.2004.06.003
    DOI: 10.1016/j.chieco.2004.06.003
    显示于类别:[國家發展研究所] 期刊論文

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