Tan, Zhuo; Yang, Shenggang; Zhu, Hong - In: Journal of Economic Policy Reform 11 (2008) 2, pp. 93-99
We estimate China's demand for foreign reserves from 1994:1 to 2007:4. Using a monetary model for China's reserve demand, we take into account the People's Bank of China's systematic neutralization policy to reduce inflation. While ultimately inconsistent, this policy has led to a growth in...
