The fog encircling the renminbi debate
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 403-418 |
| Journal / Publication | Singapore Economic Review |
| Volume | 52 |
| Issue number | 3 |
| Publication status | Published - Dec 2007 |
| 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. © World Scientific Publishing Company.
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.
In: Singapore Economic Review, Vol. 52, No. 3, 12.2007, p. 403-418.
In: Singapore Economic Review, Vol. 52, No. 3, 12.2007, p. 403-418.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
