This paper studies China's foreign exchange market before and after the 1994 unification of the official and swap exchange rates. Examining segmentation as well as linkages among the foreign exchange adjustment centers (FEACs) reveals that the linkages were not strong enough to eliminate or...

Mole, David: Introduction. Wong, Teresa Y. C.: Going up-market. An industrial policy for Hong Kong in the 1990s. Tang Shu-hung: Reforming Hong Kong's fiscal system. Huang Guobo: The linked exchange rate and macroeconomic policy. Ho Lok Sang: Labour market in a changing political economy. Shui,...

This paper employs a version of the error correction model to investigate the demand for international reserves in a typical planned economy, China. Disturbances from the domestic markets are considered by incorporating the monetary disequilibrium into the model. The authors' main conclusions...