constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate … cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs …, speculative bubbles and post-bubble secular stagnation. To prevent a similar scenario for China capital controls, a tighter …

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 … US government, take this as per se evidence that the renminbi is undervalued. To balance China's international …