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This paper sheds new light on the external and domestic dimension of China's exchange rate policy. It presents an open … economy model to analyse both dimensions of macroeconomic adjustment in China under both flexible and fixed exchange rate … regimes. The model-based results indicate that persistent current account surpluses in China cannot be rationalized, under …
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Evolution of the exchange regime in the reform era : the transition to an equilibrium exchange rate : developments since mid-2005 -- Policy challenges under the existing currency regime : independence of monetary policy : rebalancing economic growth : potential effects on the banking system :...
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