Structural Evolution of RMB Exchange Rate Reform: Historical Review, Experience and Prospect
Abstract: The Renminbi (RMB) exchange rate regime reform has gone through three stages roughly once every decade since 1994. It is a structural evolution through the unification of dual exchange rates, increased fluctuations and central parity rate reform in response to the dynamic macro environment in China and abroad. This paper unpacks leading and supporting reforms for each stage and reviews the effects. The reform has developed historical experience in adopting progressive strategies, avoiding sharp exchange rate fluctuations in the near term, maintaining appropriate capital controls, and guaranteeing the reform through domestic structural reforms. Achieving a free-floating exchange rate will be the ultimate goal, but it will not be made easily in the short run. During the transitional period, it is recommended that an annual target zone for RMB’s effective exchange rate be arranged for the CFETS currency basket, along with necessary capital controls.
- Standort
-
Deutsche Nationalbibliothek Frankfurt am Main
- Umfang
-
Online-Ressource
- Sprache
-
Englisch
- Erschienen in
-
Structural Evolution of RMB Exchange Rate Reform: Historical Review, Experience and Prospect ; volume:12 ; number:1 ; year:2023 ; pages:3-23 ; extent:21
China finance and economic review ; 12, Heft 1 (2023), 3-23 (gesamt 21)
- Urheber
-
Zhang, Ming
Chen, Yinmo
- DOI
-
10.1515/cfer-2023-0001
- URN
-
urn:nbn:de:101:1-2023082514035800192966
- Rechteinformation
-
Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
- Letzte Aktualisierung
-
14.08.2025, 10:53 MESZ
Datenpartner
Deutsche Nationalbibliothek. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Beteiligte
- Zhang, Ming
- Chen, Yinmo
Ähnliche Objekte (12)
Eine Methodik zur Erfassung und Korrektur der Qualitätsfähigkeitsparameter von fertigungsintegrierten Koordinatenmessgeräten
Capillary transport of cryogenic liquids in porous structures
Plant traits with different dimensions of shrubs represent different spatial patterns and plant-to-plant interactions in a temperate desert
Methodology development of forecasting inter-regional air transport demand in China
Holographic complexity of the electromagnetic black hole
Bulk-boundary thermodynamic equivalence: a topology viewpoint
Entropy increases at linear order in scalar-hairy Lovelock gravity
Weak cosmic censorship conjecture in Einstein–Maxwell gravity with scalar hair
Strong cosmic censorship in near-extremal Kerr-Sen-de Sitter spacetime
Can shadows reflect phase structures of black holes?
Constraints in Anaerobic Microbial Dechlorination, Fermentation, and Sulfate-Reduction Induced by High Concentrations of Tetrachloroethylene
New gedanken experiment on higher-dimensional asymptotically AdS Reissner–Nordström black hole
Eine Methodik zur Erfassung und Korrektur der Qualitätsfähigkeitsparameter von fertigungsintegrierten Koordinatenmessgeräten
Capillary transport of cryogenic liquids in porous structures
Plant traits with different dimensions of shrubs represent different spatial patterns and plant-to-plant interactions in a temperate desert
Methodology development of forecasting inter-regional air transport demand in China
Holographic complexity of the electromagnetic black hole
Bulk-boundary thermodynamic equivalence: a topology viewpoint
Entropy increases at linear order in scalar-hairy Lovelock gravity
Weak cosmic censorship conjecture in Einstein–Maxwell gravity with scalar hair
Strong cosmic censorship in near-extremal Kerr-Sen-de Sitter spacetime
Can shadows reflect phase structures of black holes?
Constraints in Anaerobic Microbial Dechlorination, Fermentation, and Sulfate-Reduction Induced by High Concentrations of Tetrachloroethylene
New gedanken experiment on higher-dimensional asymptotically AdS Reissner–Nordström black hole
Eine Methodik zur Erfassung und Korrektur der Qualitätsfähigkeitsparameter von fertigungsintegrierten Koordinatenmessgeräten
Capillary transport of cryogenic liquids in porous structures
Plant traits with different dimensions of shrubs represent different spatial patterns and plant-to-plant interactions in a temperate desert
Methodology development of forecasting inter-regional air transport demand in China
Holographic complexity of the electromagnetic black hole
Bulk-boundary thermodynamic equivalence: a topology viewpoint
Entropy increases at linear order in scalar-hairy Lovelock gravity
Weak cosmic censorship conjecture in Einstein–Maxwell gravity with scalar hair
Strong cosmic censorship in near-extremal Kerr-Sen-de Sitter spacetime
Can shadows reflect phase structures of black holes?
Constraints in Anaerobic Microbial Dechlorination, Fermentation, and Sulfate-Reduction Induced by High Concentrations of Tetrachloroethylene