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Challenges Facing the Chinese Authorities under the Existing Currency Regime

In: TRADE CURRENCIES AND FINANCE

Author

Listed:
  • Morris Goldstein
  • Nicholas Lardy

Abstract

An equilibrium exchange rate for the renminbi can be measured in a number of ways. It could be the exchange rate that produces a “balance” in China’s global current account position (i.e., in the sum of trade transactions, investment income, and transfers). It could be the exchange rate that produces a “balance” in its basic balance of payments (i.e., the sum of the current account and longterm capital flows). Or it could be the exchange rate that results in a balance in China’s overall balance of payments position (i.e., the sum of the current and capital accounts).

Suggested Citation

  • Morris Goldstein & Nicholas Lardy, 2017. "Challenges Facing the Chinese Authorities under the Existing Currency Regime," World Scientific Book Chapters, in: TRADE CURRENCIES AND FINANCE, chapter 21, pages 677-750, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814749589_0021
    as

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