for China. (i) Although foreign exchange reserves are a useful shield against currency crises, by now China's current … independent policy instruments (e.g. the real exchange rate and the interest rate). (iv) A large economy like China can achieve … in China are lownot just low relative to the US (0.23), but also low by the standards of a BalassaSamuelson relationship …

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 …