An International Non-Convertible Currency

Dominique Rambures and Felipe Escobar Duenas
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Dominique Rambures: Paris I University Panthéon Sorbonne
Felipe Escobar Duenas: Paris I University Panthéon Sorbonne

Chapter 10 in China’s Financial System, 2017, pp 163-178 from Springer

Abstract: Abstract Foreign exchange policy is an inherent part of the policy of reform and opening up promoted by Deng Xiao ping: opening up the economy is the reform’s instrument. As the foreign exchange rate is set by the central bank, the Chinese government managed to neutralize foreign exchange policy and keep a tight control over fiscal and monetary policy. In addition, the growing volume of foreign exchange holdings was indispensable to overcome a difficult and dangerous transition period from a close planned economy to an open market economy. Now the government has undertaken a no less difficult and dangerous transition from a public investment-led economy to an economy driven by household consumption, the service industry and innovation.

Keywords: Foreign Direct Investment; Central Bank; Foreign Exchange; Foreign Exchange Market; Foreign Exchange Reserve (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-40451-6_10

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DOI: 10.1007/978-3-319-40451-6_10

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