Arbeitspapier
China's Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency
China has been provoked into speeding renmnibi internationalization. But despite rapid growth in offshore financial markets in RMB, the Chinese authorities are essentially trapped into maintaining exchange controls reinforced by financial repression in domestic interest rates to avoid an avalanche of foreign capital inflows that would threaten inflation and asset price bubbles by driving nominal interest rates on RMB assets down further. Because a floating (appreciating) exchange rate could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar exchange rate to encourage naturally high wage increases for balancing China's international competitiveness.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 4649
- Klassifikation
-
Wirtschaft
Economic Integration
Foreign Exchange
International Monetary Arrangements and Institutions
- Thema
-
China
informal dollar standard
internationalization of renminbi
exchange rate stabilization
inflation
financial repression
- Ereignis
-
Geistige Schöpfung
- (wer)
-
McKinnon, Ronald Ian
Schnabl, Gunther
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- McKinnon, Ronald Ian
- Schnabl, Gunther
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2014
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