Currency speculation, domestic and international monetary systems: reforming China's and the global financial architecture

Heiner Flassbeck and Massimiliano La Marca (massi.la.marca@gmail.com)

Journal of Chinese Economic and Business Studies, 2009, vol. 7, issue 2, 237-258

Abstract: China has undergone a deep, although gradual, process of reform of its financial system and exchange rate regime while avoiding large speculative inflows and uncontrolled real appreciation through non-monetary anti-inflationary policies, low interest rates and capital account controls. These policies remain of crucial importance while the country is strengthening its domestic financial system and its exchange rate market, but they should be supported by internationally coordinated policies and cooperative monetary schemes to reduce global imbalances and destabilizing cross-currency speculation.

Keywords: foreign exchange; interest rate parity; global imbalances; currency carry trade (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1080/14765280902847775

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