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Quelle est la vraie stratégie du panier de monnaies du renminbi ?

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  • Bei Xu

Abstract

The People?s Bank of China has adopted twice (July 2005-summer 2008 and June 2010-today) currency basket as exchange regime. No information related to composition or functioning of the basket is known. In this paper, we try to estimate in a dynamic approach its composition. The results show in each period, the exchange regime resembles rather a crawling peg vis-à-vis US dollar. The crawling peg permits gradual appreciation of the RMB and its flexibilization. It seems also that the pace of RMB?s appreciation would be regulated so in order to absorb pass-through effect of international commodity price on domestic inflation. Finally, because of the opacity on basket?s functioning, the currency basket is only a form allowing flexibility within the meaning of room of manoeuvre of the Central Bank; it is also a transition regime toward free floating. Classification JEL: F31, F41, O53, P34.

Suggested Citation

  • Bei Xu, 2011. "Quelle est la vraie stratégie du panier de monnaies du renminbi ?," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 195-208.
    • Handle: RePEc:cai:refaef:ecofi_102_0195
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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