persist or be resolved when a country such as China adopts an exchange rate regime relative to an anchor basket of currencies …. We show that when China pegs its currency to a currency basket composed of the dollar, the euro, and a numeraire currency … representing the ‘rest of the world,' the impact, scale, and transmission of a loss of competitiveness shock on the current account …

China introduced yuan-denominated trade settlement in July 2009 to help its exporters avoid exchange rate risk. The … foreign and 10 of those Japanese, have been selected to participate in the pilot program on the mainland China side. Reasons … forward in stages. China's foreign exchange and capital transactions have already been liberalized roughly to the point where …