The fog encircling the renminbi debate
Research output: Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45) › 12_Chapter in an edited book (Author) › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Title of host publication | Exchange Rate Systems and Policies in Asia |
| Publisher | World Scientific Publishing Co. |
| Pages | 119-134 |
| ISBN (Print) | 9789812834515, 9789812834508 |
| Publication status | Published - 1 Jan 2008 |
| Externally published | Yes |
Link(s)
Abstract
We assess some recently advanced arguments for the claim that the RMB is undervalued. These arguments are those based on the direct valuation of the RMB, trade imbalances, the accumulation of foreign exchange reserves, and the degree of policy dependence. The extant evidence does not support a strong verdict regarding RMB undervaluation that meets the statistical standards of academic empirical studies. One interpretation is that the evaluation of the equilibrium RMB exchange rate is far more complicated than it appears. Another view is that the data are insufficiently informative. Some related policy concerns are also discussed.
Research Area(s)
- Exchange rate uncertainty, International reserves, Policy dependence, Trade surplus
Citation Format(s)
The fog encircling the renminbi debate. / Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji.
Exchange Rate Systems and Policies in Asia. World Scientific Publishing Co., 2008. p. 119-134.Research output: Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45) › 12_Chapter in an edited book (Author) › peer-review
