China's Profits and Losses from Currency Intervention, 1994-2011

Hailong Jin and E. Kwan Choi

No 4551, CESifo Working Paper Series from CESifo

Abstract: China’s currency policy has been criticized for its apparent pursuit of mercantile advantage by artificially stimulating exports, which potentially have adverse effects on other economies. While China’s currency policy may have positive output effects, there may be additional profits or losses. This paper computes the annual and cumulative accounting profits from currency intervention since 1994 when China began its currency intervention. It is shown that profits initially were positive but China since 2007 has lost a massive amount from the currency market.

Keywords: currency intervention; cumulative accounting profits (search for similar items in EconPapers)
JEL-codes: F10 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (4)

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