China Will Hold Down the RMB

Central Banking, v. XVI, no. 1, August 2005

2 Pages Posted: 22 Jan 2013

See all articles by Steve H. Hanke

Steve H. Hanke

Johns Hopkins University - Department of Economics

Date Written: 2005

Abstract

Under pressure from military hawks and protectionists in the United States, China blinked and “reformed” its exchange rate regime on July 21. The governor of the People’s Bank of China, Zhou Xiaochuan, and America’s treasury secretary, John Snow, hailed these reforms as a positive first step. But in less than a week, the People’s Bank issued a “Solemn Statement” that threw cold water on the notion that the first revaluation step would lead to others. Indeed, the People’s Bank ruled out a large appreciation of the renminbi against the dollar.

Keywords: Steve Hanke, Central Banking, China, renmibi, exchange rate, regime

Suggested Citation

Hanke, Steve H., China Will Hold Down the RMB (2005). Central Banking, v. XVI, no. 1, August 2005. Available at SSRN: https://ssrn.com/abstract=2204689

Steve H. Hanke (Contact Author)

Johns Hopkins University - Department of Economics ( email )

3400 Charles Street
Baltimore, MD 21218-2685
United States
410-516-7183 (Phone)
410-516-8996 (Fax)

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