Buy custom China’s Currency Reevaluation: Necessary or Superfluous
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Business
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| Number of pages / Number of words: |
11 / 2813 |
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On January 9, 2008, the Bank of China reported the renmenbi/dollar exchange rate at 7.27, an appreciation of 11.6% since the July 21, 2005 reforms were implemented. Figure 1 depicts the renmenbi/dollar exchange rate before and after the July 2005 announcement.
Figure 1 Renmenbi/Dollar Exchange Rate (renmenbi per dollar)
Source: Federal Reserve
In the past China’s maintained it’s dollar peg by buying (or selling) as many dollar-denominated assets in exchange for newly printed renmenbi as needed to eliminate the excess demand (supply) for the renmenbi...
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In the past several years there had been an excess demand for the renmenbi at the prevailing exchange rate peg. As a result of the peg, China had built up a large foreign exchange reserve. Although China has allowed to renmenbi, since July 2005, to appreciate steadily, China continues to accumulate foreign currency at a rapid pace...
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