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Tabla de Contenidos:
  • Evolution of China's exchange rate in the reform era
  • Transition to an equilibrium exchange rate
  • Developments since mid-2005
  • Challenges facing the Chinese authorities under the existing currency regime
  • Independence of monetary policy
  • Rebalancing economic growth
  • Potential effects of Renminbi appreciation on China's banking system
  • External adjustment, global imbalances, and the risk of protectionism
  • Policy implications and options
  • The stay-the-course strategy
  • The three-stage approach.