{"product_id":"9780881324167","title":"China's Exchange Rate Policy: Options and Prescriptions","description":"\u003cp\u003eOver the past five years China has emerged as the world's largest global surplus economy; indeed by 2007–08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This development is especially surprising since in the first twenty-five years of economic reform China's trade and current account surpluses were quite small by East Asian standards, averaging less than 2 percent of GDP.\u003c\/p\u003e\u003cp\u003eThis study provides a comprehensive analysis of the key economic challenges facing the Chinese authorities in light of the still undervalued exchange rate, the large build-up of foreign exchange reserves, and more recently the sharp decline in economic growth. It analyzes the implications of China's exchange-rate policy for the effectiveness of monetary policy, the transition to a commercially oriented banking system, the evolving structure of output and demand, and the risk of protectionism abroad. The policy-options portion of the study takes account of the significant real effective appreciation of the renminbi over the past fifteen months and will contrast the pros and cons of a \"stay-the-course\" policy with that of a bolder, \"three-stage\" approach that would seek to maintain recent progress and to reduce even further the undervaluation of the renminbi.\u003c\/p\u003e","brand":"Peterson Institute for International Economics","offers":[{"title":"Default Title","offer_id":47022547173616,"sku":"9780881324167","price":20.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9780881324167_p0.jpg?v=1769913285","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9780881324167","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}