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The Revaluation and Future Adjustment of the Renminbi

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  • Benjamin Everard
  • Terence Tai-Leung Chong

Abstract

This article examines China's contemporary macroeconomic controls, highlighting the recent currency revaluation. We suggest that the July 2005 revaluation was inadequate in maintaining a level in line with market expectations, and it has had a negligible effect on exports, imports, job growth, investment, and gross domestic product. Justification for the undervaluation is provided. We examine in detail the benefits to China of a one-off appreciation of the renminbi by 15-25 percent, with an increased trading band of +/- 2 to 4 percent.

Suggested Citation

  • Benjamin Everard & Terence Tai-Leung Chong, 2007. "The Revaluation and Future Adjustment of the Renminbi," Chinese Economy, Taylor & Francis Journals, vol. 40(5), pages 6-20, September.
    • Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:6-20
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