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dc.contributor.authorMakin, Tonyen_US
dc.contributor.editorYongding Yuen_US
dc.date.accessioned2017-05-03T12:19:24Z
dc.date.available2017-05-03T12:19:24Z
dc.date.issued2007en_US
dc.date.modified2008-04-13T23:26:34Z
dc.identifier.issn16712234en_US
dc.identifier.urihttp://hdl.handle.net/10072/17486
dc.description.abstractA pegged exchange rate regime has been pivotal to China's export-led development strategy. However, its huge trade surpluses and massive build up of international reserves have been matched by large deficits for major trading partners, creating acute policy concerns abroad, especially in the USA. This paper provides a straightforward conceptual framework for interpreting the effect of China's exchange rate policy on its own trade balance and that of trading partners in the context of discrepant economic growth rates. It shows how pegging the exchange rate when output is outstripping expenditure induces China's trade surpluses and counterpart deficits for its trading partners. An important corollary is that given its strictly regulated capital account, China's persistently large surpluses imply a significantly undervalued renminbi, which should gradually become more flexible.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherBlackwell Publishingen_US
dc.publisher.placeBeijing, Chinaen_US
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom89en_US
dc.relation.ispartofpageto102en_US
dc.relation.ispartofissue3en_US
dc.relation.ispartofjournalChina & World Economyen_US
dc.relation.ispartofvolume15en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchcode340206en_US
dc.titleDoes China’s Huge External Surplus Imply an Undervalued Renmimbi?en_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.facultyGriffith Business School, Department of Accounting, Finance and Economicsen_US
gro.date.issued2007
gro.hasfulltextNo Full Text


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