Determining the RMB Exchange Regime

Xiaobing Feng and Ilan Alon

A chapter in The Impact of the Global Financial Crisis on Emerging Financial Markets, 2011, pp 611-624 from Emerald Group Publishing Limited

Abstract: Although China has claimed since 2005 that it will move towards a more market-oriented system of managing its foreign exchange, it has remained, in part, a managed economic system. This chapter examines the relative importance of fundamentalist, chartist and currency arrangements in determining the RMB exchange regime using both traditional linear and non-linear artificial intelligence models. We find that the emphasis on the US dollar as a reference currency has declined. Fundamentalist forces are becoming strong determinants of the currency exchange. The genetic programming approach is among the best performing in minimizing forecasting error.

Keywords: China currency; basket regime; market forces; exchange arrangements; artificial neural network (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-3759(2011)0000093022

DOI: 10.1108/S1569-3759(2011)0000093022

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