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Chinas Currency And Economic Issues
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Book Synopsis China's Currency and Economic Issues by : Wayne M. Morrison
Download or read book China's Currency and Economic Issues written by Wayne M. Morrison and published by Nova Publishers. This book was released on 2006 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: China has a policy of pegging its currency (the yuan) to the U.S. dollar. If the yuan is undervalued against the dollar, there are likely to be both benefits and costs to the U.S. economy. It would mean that imported Chinese goods are cheaper than they would be if the yuan were market determined. This lowers prices for U.S. consumers and diminishes inflationary pressures. It also lowers prices for U.S. firms that use imported inputs (such as parts) in their production, making such firms more competitive. Critics of China's peg point to the large and growing U.S. trade deficit with China as evidence that the yuan is undervalued and harmful to the U.S. economy. The relationship is more complex, for a number of reasons. First, while China runs a large trade surplus with the United States, it runs a significant trade deficit with the rest of the world. Second, an increasing level of Chinese exports are from foreign invested companies in China that have shifted production there to take advantage of China's abundant low cost labour. Third, the deficit masks the fact that China has become one of the fastest growing markets for U.S. exports. total U.S. bilateral trade deficits in 2004, indicating that the overall trade deficit is not caused by the exchange rate policy of one country, but rather the shortfall between U.S. saving and investment. This book presents a coherent examination of the details behind China's currency policies as they relate to outside factors.
Book Synopsis China’s Currency: An Analysis of the Economic Issues by :
Download or read book China’s Currency: An Analysis of the Economic Issues written by and published by DIANE Publishing. This book was released on 2007 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. They further contend that this policy has caused a surge in the U.S. trade deficit with China and has been a major factor in the loss of U.S. manufacturing jobs. Although China made modest reforms to its currency policy in 2005, resulting in a modest appreciation of its currency, many Members contend the reforms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings in CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy, by Wayne M. Morrison and Marc Labonte, and will be updated as events warrant.
Book Synopsis China's Currency Policy: an Analysis of the Economic Issues by : Wayne Morrison
Download or read book China's Currency Policy: an Analysis of the Economic Issues written by Wayne Morrison and published by CreateSpace. This book was released on 2012-12-27 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB), against the U.S. dollar and other currencies has become an issue of concern for many in Congress. Critics charge that China's currency policy is intended to make its exports significantly less expensive, and its imports more expensive, than would occur if the RMB were a freely-traded currency. They contend that the RMB is significantly undervalued against the dollar and that this has been a major contributor to the large annual U.S. trade deficits with China and the loss of U.S. jobs in recent years. Several bills have been introduced the 112th Congress that seek to address the effects of undervalued currencies (which are largely aimed at China), including H.R. 639, S. 328, S. 1130, S. 1267, and S. 1619 (which passed the Senate on October 11, 2011). On the other hand, some analysts contend that China's industrial policies, its failure to adequately protect U.S. intellectual property rights, and its unbalanced economic growth model, pose more serious challenges to U.S. economic interests than China's currency policy. Some U.S. business groups have also expressed concern that U.S. currency legislation could aggravate U.S.- China commercial ties.
Book Synopsis China's Currency by : Wayne M Morrison
Download or read book China's Currency written by Wayne M Morrison and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report explores various aspects of the Chinese economy, including specific policies that some Members of Congress consider a form of currency manipulation, the U.S.-China economic relationship, and the state of the Chinese economy with respect to the current global economic crisis.
Book Synopsis China's Currency by : Lucy M. Brooks
Download or read book China's Currency written by Lucy M. Brooks and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past several years, the Chinese government has maintained a policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB) against other major currencies, especially the U.S. dollar. This policy appears to be largely intended to keep China's export industries competitive internationally and to attract foreign direct investment (FDI), which have been major factors behind China's rapid economic growth. This book provides an overview of the economic issues surrounding the current debate over China's currency policy and identifies the economic costs and benefits of China's currency policy for both China and the U.S.
Book Synopsis China's Currency: A Summary of the Economic Issues by :
Download or read book China's Currency: A Summary of the Economic Issues written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. They further contend that this policy has caused a surge in the U.S. trade deficit with China and has been a major factor in the loss of U.S. manufacturing jobs. Although China made modest reforms to its currency policy in 2005, resulting in a modest appreciation of its currency, many Members contend the reforms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings in CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy, by Wayne M. Morrison and Marc Labonte, and will be updated as events warrant.
Book Synopsis China's Currency by : Wayne M. Morrison
Download or read book China's Currency written by Wayne M. Morrison and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Report that provides an overview of the economic issues surrounding the current debate over China's currency policy. It identifies the economic costs and benefits of China's currency policy for both China and the United States, and possible implications if China were to allow its currency to significantly appreciate or to float freely. It also examines proposed legislation in the 111th Congress that seek to address China's currency policy.
Book Synopsis China's Currency: Economic Issues and Options for U.S. Trade Policy by : Wayne M. Morrison
Download or read book China's Currency: Economic Issues and Options for U.S. Trade Policy written by Wayne M. Morrison and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The continued rise in China's trade surplus with the United States and the world, and complaints from U.S. manufacturing firms and workers over the competitive challenges posed by Chinese imports have led several Members to call for a more aggressive U.S. stance against certain Chinese trade policies they deem to be unfair. Among these is the value of the Chinese yuan relative to the dollar. From 1994 to July 2005, China pegged its currency to the U.S. dollar at about 8.28 yuan to the dollar. On July 21, 2005, China announced it would let its currency immediately appreciate by 2.1% (to 8.11 yuan per dollar) and link its currency to a basket of currencies (rather than just to the dollar). Many Members complain that the yuan has only appreciated only modestly (about 7%) since these reforms were implemented and that China continues to "manipulate" its currency in order to give its exporters an unfair trade advantage, and that this policy has led to U.S. job losses. Numerous bills were introduced in the 109th Congress to address China's currency policy, and these efforts have continued in the 110th session. If the yuan is undervalued against the dollar (as many analysts believe), there are likely to be both benefits and costs to the U.S. economy. Critics of China's currency policy point to the large and growing U.S. trade deficit ($233 billion in 2006) with China as evidence that the yuan is undervalued and harmful to the U.S. economy. The relationship is more complex, for a number of reasons.
Book Synopsis China's Currency by : Wayne M. Morrison
Download or read book China's Currency written by Wayne M. Morrison and published by . This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the U.S. runs a trade deficit with the Chinese, this requires a capital inflow from China to the United States. This, in turn, lowers U.S. interest rates and increases U.S. investment spending. On the negative side, lower priced goods from China may hurt U.S. industries that compete with those products, reducing their production and employment. In addition, an undervalued yuan makes U.S. exports to China more expensive, thus reducing the level of U.S. exports to China and job opportunities for U.S. workers in those sectors. However, in the long run, trade can affect only the composition of employment, not its overall level. Thus, inducing China to appreciate its currency would likely benefit some U.S. economic sectors, but would harm others, including U.S. consumers. Several estimates of the yuan's undervaluation are evaluated in the report.
Book Synopsis Chinese Currency and the Global Economy by : Chen Yulu
Download or read book Chinese Currency and the Global Economy written by Chen Yulu and published by McGraw Hill Professional. This book was released on 2014-05-26 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: From ancient “knife money” to the Renminbi—a fascinating history of Chinese currency Chinese Currency and the Global Economy is an all-encapsulating study of the Chinese monetary system from the historical perspective of global economy and finance. From economic infrastructure to the cultural system and from world events to the domestic scene, author Chen Yulu describes the metamorphosis of the Chinese currency and examines what is entailed in the globalization of Renminbi against the background of world economic multi-polarization. Chen Yulu is an Eisenhower senior visiting fellow and a Fulbright senior scholar. He serves concurrently as president of Renmin University of China, vice-chairman of the China International Finance Association, and deputy secretary general and executive director of the China Society for Finance and Banking.
Book Synopsis The Offshore Renminbi by : Robert Minikin
Download or read book The Offshore Renminbi written by Robert Minikin and published by John Wiley & Sons. This book was released on 2012-10-26 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.
Book Synopsis China's Currency Peg by : Wayne M Morrison
Download or read book China's Currency Peg written by Wayne M Morrison and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates that assertion, and considers other effects China’s peg has on the U.S. economy. These include the beneficial effects on consumption, interest rates, and investment spending. Nationwide, these effects should offset job loss in the trade sector, at least in the medium term. Several bills have been introduced in the 109th Congress to address China’s currency policy, including H.R. 1216, H.R. 1498, H.R. 1575, S. 14, S. 295, S. 377, and S. 593; some would impose trade sanctions against China unless it accepted a market-based system of currency valuation.
Book Synopsis China's Exchange Rate Regime by : China Development Research Foundation
Download or read book China's Exchange Rate Regime written by China Development Research Foundation and published by Routledge. This book was released on 2014-12-05 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: The imbalance between China’s currency, the RMB, and those of other countries is widely regarded as a major problem for the world economy. There was a reform of China’s exchange rate mechanism in 2005, following which the RMB appreciated 17% against the US dollar, but many people argue that further reform is still needed. This book reports on a major research project undertaken following the 2005 reform to assess the impact on China’s economy. It considers the impact in a number of areas of the economy, including export-oriented companies, the banking industry, international trade, international capital flows, and China’s macroeconomic policy. It concludes that the policies pursued so far have been correct, and that further reform, both to the exchange rate, and to the system overall, would be desirable, but that any reform should be gradual and incremental, preserving economic stability, and integrating changes with reform in other parts of the economy.
Book Synopsis Living in Interesting Times: The Economics of a Chinese Currency Attack by :
Download or read book Living in Interesting Times: The Economics of a Chinese Currency Attack written by and published by . This book was released on 2008 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several large near-peer competitors, such as Russia and China, have amassed large levels of dollar-denominated foreign exchange reserves. This raises concern that these states could deliberately sell off assets to harm the dollar's value. Currency attacks have historically been a part of warfare, and the recent advent of nation-states that have large reserves suggests it is possible that the United States could face this threat. Contemporary public discussion has often lacked depth and been at one of two extremes, either (1) China could destroy the United States if it chose to sell off its treasuries, or (2) the Chinese would lose so much they would never undertake a currency attack. This article takes a detailed look at China's economy to determine the plausibility of a currency attack against the United States. There are many conflating economic issues surrounding a currency attack, such as the perceived overvaluation of the dollar and its status as the world's primary reserve currency. The analysis herein suggests that large dollar reserves are sufficient to enable a currency attack, independent of the valuation of the dollar or its status as the world's reserve currency. The economic reasons for China to hold large foreign exchange reserves are central to our conclusions; these are found to be independent of any malicious intent towards the U.S. dollar. The probability of a currency attack on the dollar is low but plausible, and if not effectively countered, potentially devastating. However, an attack is extremely improbable due to the costs an attacker would face, and it could be effectively countered with adequate preparations. Given the speed of modern financial markets, these preparations must be made in advance; it is doubtful that an ad hoc response would be either a sufficient or an effective deterrent.
Book Synopsis Is China's Currency Increasingly Important? by : Yinggang Zhou
Download or read book Is China's Currency Increasingly Important? written by Yinggang Zhou and published by Springer Nature. This book was released on with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book China 2049 written by David Dollar and published by Brookings Institution Press. This book was released on 2020-06-09 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: How will China reform its economy as it aspires to become the next economic superpower? It's clear that China is the world's next economic superpower. But what isn't so clear is how China will get there by the middle of this century. It now faces tremendous challenges such as fostering innovation, dealing with ageing problem and coping with a less accommodative global environment. In this book, economists from China's leading university and America's best-known think tank offer in depth analyses of these challenges. Does China have enough talent and right policy and institutional mix to transit from input-driven to innovation-driven economy? What does ageing mean, in terms of labor supply, consumption demand and social welfare expenditure? Can China contain the environmental and climate change risks? How should the financial system be transformed in order to continuously support economic growth and keep financial risks under control? What fiscal reforms are required in order to balance between economic efficiency and social harmony? What roles should the state-owned enterprises play in the future Chinese economy? In addition, how will technological competition between the United States and China affect each country's development? Will the Chinese yuan emerge as a major reserve currency, and would this destabilize the international financial system? What will be China's role in the international economic institutions? And will the United States and other established powers accept a growing role for China and the rest of the developing world in the governance of global institutions such as the World Trade Organization and the International Monetary Fund, or will the world devolve into competing blocs? This book provides unique insights into independent analyses and policy recommendations by a group of top Chinese and American scholars. Whether China succeeds or fails in economic reform will have a large impact, not just on China's development, but also on stability and prosperity for the whole world.
Book Synopsis Sustaining China's Economic Growth After the Global Financial Crisis by : Nicholas R. Lardy
Download or read book Sustaining China's Economic Growth After the Global Financial Crisis written by Nicholas R. Lardy and published by Peterson Institute. This book was released on 2012 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt:
