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The Future of China's Exchange Rate Policy
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- Book details for The Future of China's Exchange Rate Policy
- Policy Analyses in International Economics
- Morris Goldstein (author), Nicholas R. Lardy (author)
- Paperback, 230 x 160 x 7mm , 112 pp, graphs, charts, index
- 15 Jul 2009
- The Peterson Institute for International Economics
- 0881324167
- 9780881324167
The relationship between China and the United States is one of the most important ones in the world, and one of the most contenious issues between the two countries is China's exchange rate policy. This book will present specific proposals for how China's exchange rate and capital account policies might be modified over the medium term. These proposals address how best to eliminate any misalignment of the renminbi; how best to reduce pressures emanating from the sterilization of large reserve accumulation; how best to make capital flows the ally - not the enemy - of exchange rate policy; and what institutional arrangements and policy guidelines to put in place to reap the greatest benefits from management of China's large exchange reserves. Goldstein and Lardy contrast the features of a "stay the course" policy with those of a bolder "three stage" approach that seeks to reduce more rapidly the current undervaluation of the renminbi.
Morris Goldstein, Dennis Weatherstone Senior Fellow since 1994, has held several senior staff positions at the International Monetary Fund (1970-94), including Deputy Director of its Research Department (1987-94). He has written extensively on international economic policy and on international capital markets. His books include Controlling Currency Mismatches in Emerging Markets (2004), Managed Floating Plus (2002), Assessing Financial Vulnerability: An Early Warning System for Emerging Markets (2000), The Asian Financial Crisis: Causes, Cures, and Systemic Implications (1998), The Case for an International Banking Standard (1997), and The Exchange Rate System and the IMF: A Modest Agenda (1995). Nicholas R. Lardy, called "everybody's guru on China" by the National Journal, is a senior fellow at the Peterson Institute for International Economics. He has written numerous articles and books on the Chinese economy including: China The Balance Sheet (2006) Prospects for a US-Taiwan Free Trade Agreement (2004), Integrating China into the Global Economy (2002), and China's Unfinished Economic Revolution (1998). Lardy is a member of the Council on Foreign Relations and is a member of the editorial boards of the China Quarterly, Journal of Asian Business, China Review, and China Economic Review.
