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Rmb Exchange Rate, The: Past, Current, And Future (Hardcover)
Loot Price: R3,121
Discovery Miles 31 210
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Rmb Exchange Rate, The: Past, Current, And Future (Hardcover)
Expected to ship within 12 - 17 working days
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Over the past two decades, China's robust economic performance has
propelled it to the world stage. At the same time, the world has
increasingly scrutinized China's economic policies and activities.
One of the hotly contested issues is China's foreign exchange rate
policy. China's current reform and modernization policies to
convert its centrally planned economy towards a market-driven one
could hardly draw on experiences of other countries.This book
provides a succinct and up-to-date account of China's exchange rate
policy including the currency undervaluation debate and the
internationalization of its currency. It begins with a brief
history of the modern China's foreign exchange rate policy. In
particular, it highlights the three Chinese policy characteristics;
namely, independence, controllability and practicability, and
graduality. This prologue helps to interpret China's policy on its
currency, the renminbi (RMB); including its recent initiatives to
promote the international use of its currency.The book covers the
basic theoretical and empirical issues that are relevant for
determining the equilibrium value of the RMB exchange rate and,
hence, its degree of misalignment. Then it evaluates the
controversy surrounding the RMB valuation debate, and highlights
the sensitivity of empirical estimates of the degree of
misalignment to alternative presumptions.The book also examines the
timely issues related to China's recent efforts in promoting the
use of its currency in the global financial market. After
describing the background of China's recent efforts to
internationalize the RMB, the book a) discusses the main
promotional policies, including the recent Qianhai project and
Shanghai Free Trade Zone initiative, b) evaluates the current
status of the offshore RMB market, the level of international use
of the RMB and the admission to the SDR basket, and c) assesses the
future prospects of the RMB to be a global currency.
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