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|Other Titles: ||The Roles of Governments and Market in the Reform of RMB Exchange Rate—2003-2005|
RMB;international politics;Chinese government;U.S. government
|Issue Date: ||2015-02-11 14:55:28 (UTC+8)|
This article examines relations between international politics and validity of exchange in the case of Chinese currency, RMB, and attempts to answer the following questions. First of all, is the exchange rate of RMB and its regime affected by international politics? Secondly, how does the international politics affect the exchange rate and regime of Chinese currency? Third, how should the market behavior respond to interactions between the international political actor and Chinese government? Lastly, how does Chinese government respond to the pressure from the international community and market?The author argues that the exchange rate and regime of RMB is affected by the pressure of international politics, especially from U.S. government. Chinese government principally made strategies and decisions with an aim to maintain sustained growth of Chinese economy. At first, Chinese government refused to reform the exchange rate and regime of RMB. Yet, owing to the growing trade surplus with foreign countries, particularly from U.S., Chinese government faces challenging pressure. It is difficult for Chinese government to sustain de facto pegged exchange rate regime and to integrate the strategy into international trade system as a result. Accordingly, on July 21, 2005, the Chinese government eventually announced to change the exchange rate system from dollar peg system to a managed floating exchange rate regime. This indicates that international politics has tremendous influence on the exchange rate and regime of RMB, urging Chinese government to abandon the pegged exchange rate system.
|Relation: ||中國大陸研究 , 51(4) , 51-88|
|Data Type: ||article|
|Appears in Collections:||[國家發展研究所] 期刊論文|
[中國大陸研究 TSSCI] 期刊論文
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