McKinnon, Ronald I.; Schnabl, Gunther - In: CESifo economic studies : CESifo, a joint initiative of … 52 (2006) 2, pp. 276-303
China's fixed its exchange rate at 8.28 yuan to the dollar from 1994 to July 2005, and has only allowed for a small appreciation since then. China's productivity growth has been very high relative to most other countries: its trade surplus has been rising and it continues to accumulate large...
