{"product_id":"the-future-of-chinas-exchange-rate-policy-9780881324167","title":"The Future of China's Exchange Rate Policy","description":"\u003cp\u003eOver the past five years China has emerged as the world's largest global surplus economy; indeed by 2007–08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This development is especially surprising since in the first twenty-five years of economic reform China's trade and current account surpluses were quite small by East Asian standards, averaging less than 2 percent of GDP.\u003cbr\u003e\u003cbr\u003eThis study provides a comprehensive analysis of the key economic challenges facing the Chinese authorities in light of the still undervalued exchange rate, the large build-up of foreign exchange reserves, and more recently the sharp decline in economic growth. It analyzes the implications of China's exchange-rate policy for the effectiveness of monetary policy, the transition to a commercially oriented banking system, the evolving structure of output and demand, and the risk of protectionism abroad. The policy-options portion of the study takes account of the significant real effective appreciation of the renminbi over the past fifteen months and will contrast the pros and cons of a \"stay-the-course\" policy with that of a bolder, \"three-stage\" approach that would seek to maintain recent progress and to reduce even further the undervaluation of the renminbi.\u003c\/p\u003e","brand":"Morris Goldstein","offers":[{"title":"Default Title","offer_id":42980365336694,"sku":"9780881324167","price":20.95,"currency_code":"USD","in_stock":true}],"url":"https:\/\/ingramacademic.com\/products\/the-future-of-chinas-exchange-rate-policy-9780881324167","provider":"Ingram Academic \u0026 Professional","version":"1.0","type":"link"}