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The Chinese Renaissance and Its Currency Conundrum

In: The Chinese Economic Renaissance

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  • Dilip K. Das

Abstract

After frequent adjustments and fluctuations, the value of the renminbi (RMB) yuan,1 the Chinese currency, remained stable over the 1952–70 period. During this period, the exchange rate was first pegged to the dollar and then to the pound sterling, but it did not have much relevance because the volume of China’s trade and financial flows was tiny and the related decisions were controlled by the ministries and government authorities. Also, in a planned economy, the exchange rate was used as an instrument for financial planning and fixed at at an overvalued level. The convertability of the dollar into gold was suspended in August 1971, and between 1971 and 1973 the Bretton Woods system brokedown. The RMB yuan was pegged to a broad basket of 15 hard currencies instead of a single major currency. It began appreciating gradually after that. This peg endured until 1980.

Suggested Citation

  • Dilip K. Das, 2008. "The Chinese Renaissance and Its Currency Conundrum," Palgrave Macmillan Books, in: The Chinese Economic Renaissance, chapter 5, pages 198-232, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-22744-6_5
    DOI: 10.1057/9780230227446_5
    as

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