Measuring the competitiveness of China’s processed exports

Willem Thorbecke 06 November 2014

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Before the Global Financial Crisis (GFC) China ran large trade surpluses and faced pressure to let the renminbi (RMB) appreciate. Having abandoned the peg to the U.S. dollar in 2005, the RMB has appreciated by 36% on a real effective basis.

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Topics:  Exchange rates International trade

Tags:  foreign reserves, China, renminbi, undervaluation

The renminbi bloc is here: Asia down, the rest of the world to go?

Arvind Subramanian, Martin Kessler 27 October 2012

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The staggering economic rise of China in the last three decades leads to the question of the potential internationalisation of its currency, the renminbi (RMB). Internationalisation has different dimensions. An international currency is widely used in financial and trade transactions, and crucially it is used as a store of value. Some, like Eichengreen (2011) and Frankel (2011) see a potential global role for the RMB, provided important ancillary reforms to the domestic financial system and to the financial account first take place.

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Topics:  Global economy International trade

Tags:  China, renminbi, global currency

The renminbi’s prospects as a global reserve currency

Eswar Prasad, Lei (Sandy) Ye 16 February 2012

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Popular discussions about the prospects of China’s currency – the renminbi – range from the view that it is on the threshold of becoming the dominant global reserve currency to the concern that rapid capital-account opening poses serious risks for China.

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Topics:  International finance International trade

Tags:  China, globalisation, renminbi, exchange-rate policy

The rise of the renminbi as international currency: Historical precedents

Jeffrey Frankel 10 October 2011

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All of a sudden, the renminbi is being touted as the next big international currency. Just in the last year or two, the Chinese currency has begun to internationalise along a number of dimensions. A renminbi bond market has grown rapidly in Hong Kong, and one in renminbi bank deposits. Some of China’s international trade is now invoiced in the currency. Foreign central banks have been able to hold renminbi since August 2010, with Malaysia going first.

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Topics:  International finance

Tags:  reserve currency, China, renminbi, dollar

China’s currency and the US economy

Fred Bergsten 01 November 2010

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In a 19 October column on this site, “A currency war the US cannot win”, Yiping Huang argued that comprehensive policy packages in China and the US, including but ranging well beyond exchange rate realignment, are required to achieve the needed global rebalancing. He also argued that progress is already being made on both counts (Huang 2010).

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Topics:  Global economy International trade

Tags:  US, global imbalances, China, renminbi, exchange-rate policy

Can China save the world by consuming more?

Hans Genberg, Wenlang Zhang 25 April 2010

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“China is making all of us poorer” writes Paul Krugman in his blog at the New York Times (Krugman 2010). He is referring to the current account surplus of the Chinese economy draining aggregate demand from the rest of the world and leading to lower employment and income. Krugman is not alone in attributing extraordinary importance to economic developments in the Middle Kingdom.

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Topics:  International finance Macroeconomic policy

Tags:  global imbalances, unemployment, renminbi, Chinese saving

Estimating the effect of renminbi appreciation on US jobs: A comment on Francois' China result

William R. Cline 23 April 2010

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In a recent study, Francois (2010) estimates that if China appreciated the renminbi by 10%, the US trade balance would rise by $100 billion but the number of US jobs would decline by 430,000. He uses a computable general equilibrium (CGE) model to make this calculation. He allows for below-full capacity and sticky wages so that it is possible for a change in the external balance to affect the level of employment. The paradoxical negative sign on employment as a consequence of the currency correction stems from the model specification that emphasises induced losses of jobs throughout the eco

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Topics:  Exchange rates

Tags:  competitiveness, renminbi, Francois

The US-Sino currency dispute: Introducing a new eBook

Simon J Evenett 16 April 2010

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Thanks to deft diplomatic footwork, a US-China confrontation over the renminbi has been avoided – or at least postponed. This is a very good thing. Escalation of this conflict between the world’s two largest traders is the last thing the world economy needs. Many nations around the world are relying on rapidly recovering trade flows – both imports and exports – to get the factories back to work. And trade wars – like real ones – can be surprisingly difficult to manage once started.

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Topics:  Exchange rates

Tags:  China, renminbi, exchange-rate policy, geopolitics, US-Sino currency dispute

The US-Sino Currency Dispute: New Insights from Economics, Politics, and Law

Simon J Evenett,

Date Published

Thu, 04/15/2010

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Vox

URL

www.voxeu.org/reports/currency_dispute.pdf

Edited by Simon J Evenett

Published 15 April 2010

Tags
renminbi, global crisis, yuan undervaluation, Chinese exchange rate

Is China's currency undervalued?

Helmut Reisen 16 April 2010

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Most economists agree that allowing global current account imbalances, notably the US deficit and the Chinese surplus, and their accompanying capital flows to accumulate contributed to the over-leveraging and under-pricing of risk that triggered the crisis. This was recognised at the Pittsburgh Summit in September 2009 where the G20 leaders announced the creation of a new framework to coordinate and monitor national economic policies in order to reduce global imbalances and prevent them from building up in the future.

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Topics:  Exchange rates Global crisis

Tags:  global imbalances, renminbi, exchange rate policy

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