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China's exchange rate system reform : lessons for macroeconomic policy management

Author: Paul Sau-Leung Yip
Publisher: Singapore ; Hackensack, N.J. : World Scientific, ©2011.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses : The transitional, medium-term and long-term designs of the reform; China's achievements and mistakes on the reform; China's banking reform and its lessons to other emerging economies; Maintaining a certain trade surplus as a dynamically optimal choice for China; China's stock market  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Yip, Paul Sau-Leung.
China's exchange rate system reform.
Singapore ; Hackensack, N.J. : World Scientific, ©2011
(DLC) 2011315373
(OCoLC)496959866
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Paul Sau-Leung Yip
ISBN: 9789814289115 9814289116 128343332X 9781283433327
OCLC Number: 775592663
Description: 1 online resource (xxxv, 402 pages) : illustrations
Contents: About the Author; Preface; Brief Contents; Contents; Acknowledgements; Part I: China's Exchange Rate System Reform; Chapter 1 Macroeconomic Conditions and Debates Before the Reform; 1.1 Macroeconomic Conditions Before the Reform; 1.1.1 The Beginning of China's Persistent Trade Surplus; 1.1.2 The Asian Financial Crisis: The Beginning of the Peg to US Dollar; 1.1.3 The Weakening US Dollar Since Early 2002: Reasons and Impact; 1.1.4 Other Macroeconomic Performance Before the Reform; 1.2 Debate Before the Reform: Risk of Various Proposals. Chapter 2 Transitional and Medium-Term Designs of the Reform2.1 The Proposed Transitional Reform; 2.1.1 Gradual Appreciation, No Major or Medium Jump in Exchange Rate and No Widening of Band; 2.1.2 A Basket of Currencies with Special Care to the Exchange Rate Against the US Dollar at the Early Stage; 2.1.3 A Narrow Exchange Rate Band at the Early Stage; 2.2 The Proposed Medium-Term Arrangements; 2.2.1 The Debating Process Before the Medium-Term Recommendation; 2.2.2 The Medium-Term Recommendation; Chapter 3 Supplementary Measures. 3.1 Prolonged Asset Inflation and Then Economic Crisis: A Major Potential Threat to China's Economic Development3.2 Supplementary Measures; 3.2.1 Banking Reform; 3.2.2 Control of Asset Inflation; 3.2.3 Variable Wage Component; 3.2.4 Capital Control; Chapter 4 The Transitional Reform in 2005; 4.1 The Reform Announced in July 2005; 4.2 Market Response at the Early Stage; 4.3 Two Important Characteristics That Contribute to the Initial Success; 4.4 Proposed Measures to Deal With the Speculative Inflows; 4.4.1 Measures That Discourage Speculative Inflows. 4.4.2 Measures That Offset the Impacts of Speculative Inflows4.5 Further Discussions on the Offsetting Measures; 4.5.1 Importance of Maintaining Capital Control at That Time; 4.5.2 The Moderate Speculative Inflows Was Still within the Central Bank's Sterilization Capacity; 4.5.3 Two Other Important Sources of Inflows; 4.5.4 Some Basic Principles to Guide the Direction of the Offsetting Measures; 4.5.5 Ways to Build in More Controllability and Adjustability on Potential Outflows; 4.6 More Following-Up Comments on the Offsetting Measures. 4.6.1 Need to Scale Up the Offsetting Measures and Maintain a Trade Surplus4.6.2 An Accounting Hurdle on the Recommended Sterilization; 4.7 Actions Taken by the Chinese Government; 4.8 The Moderate Mistake Committed by China's Central Bank Between Mid-2006 and Early 2008; Chapter 5 Further Proposals on Supplementary Measures After the Transitional Reform; 5.1 The Potential Disaster of Developing the Renminbi Forward or Futures Market at That Time; 5.1.1 The Chinese Central Bank's Initial Proposal to Develop the Renminbi Forward Market; 5.1.2 The Potential Damage.
Responsibility: Paul Yip Sau Leung.

Abstract:

Documents the rationales and considerations behind China's exchange rate system reform announced on 21 July 2005. This work discusses the actual implementation and achievements of the transitional  Read more...

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