{"product_id":"the-future-of-chinas-exchange-morris-goldstein-9780881324167","title":"The Future of China's Exchange Rate Policy","description":"\u003cp\u003eOver the past five years China has emerged as the world's largest global surplus economy; indeed by 2007-08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This development is especially surprising since in the first twenty-five years of economic reform China's trade and current account surpluses were quite small by East Asian standards, averaging less than 2 percent of GDP. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eThis study provides a comprehensive analysis of the key economic challenges facing the Chinese authorities in light of the still undervalued exchange rate, the large build-up of foreign exchange reserves, and more recently the sharp decline in economic growth. It analyzes the implications of China's exchange-rate policy for the effectiveness of monetary policy, the transition to a commercially oriented banking system, the evolving structure of output and demand, and the risk of protectionism abroad. The policy-options portion of the study takes account of the significant real effective appreciation of the renminbi over the past fifteen months and will contrast the pros and cons of a \"stay-the-course\" policy with that of a bolder, \"three-stage\" approach that would seek to maintain recent progress and to reduce even further the undervaluation of the renminbi.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Morris Goldstein\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0881324167\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780881324167\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Peterson Institute for International Economic\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 06\/01\/2008\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 124\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.45lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.05h x 6.28w x 0.29d\u003cbr\u003e\u003cbr\u003e\u003cb\u003eReview Citation(s): \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eChoice\u003c\/i\u003e 02\/01\/2010\u003cbr\u003e\u003ci\u003eReference and Research Bk News\u003c\/i\u003e 11\/01\/2009 pg. 128","brand":"Morris Goldstein","offers":[{"title":"Paperback","offer_id":48443734917375,"sku":"9780881324167","price":20.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_de931fd4-da74-4aa1-9f09-d659ed915a4f.jpg?v=1777207477","url":"https:\/\/www.whiterainbookhouse.com\/products\/the-future-of-chinas-exchange-morris-goldstein-9780881324167","provider":"WR Book House","version":"1.0","type":"link"}