China's trade surplus is often heavily criticized in political and economic debates, accompanied by claims for a revaluation of the Chinese currency, the Renminbi (RMB). While the main arguments exchanged in the current discourse appear to become more and more emotionally loaded rather than...

The Chinese government has been hesitant to revalue the yuan out of concern over the negative impact revaluation would have on the domestic economy. To maintain a stable exchange rate, however, the authorities have had no choice but to tolerate large balance of payment surpluses and a rapid...

In assessing Alexander Swoboda's great influence on economics, two themes stand out: the determinants of global inflation, particularly in the 1970s, and the choice of an exchange rate regime consistent with domestic monetary and fiscal policies. Although seemingly narrowly focused on China, our...

Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China...

Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China...