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| Tekijä: | Yang, Fan |
| Otsikko: | A study on the actual exchange of the RMB (Renminbi) |
| Lehti: | Management World (c)
1999 : 5, p.44-58 |
| Asiasana: | EXCHANGE RATES CHINA |
| Kieli: | chn |
| Tiivistelmä: | As actual exchange rate exercises a more direct influence on foreign trade than nominal exchange rate, its impact on China needs to be analyzed from three aspects. The are, in the main, the relation between the foreign trade strategy and exchange rate; that between China's export structure and the exchange rate of the renminbi, and the influence on the exchange rate by the financial factors. Then the paper argues that nominal exchange rate can only exercise a limited impact on import and export; that the violent fluctuation of prices results in the dislocation of exchange rates. It is necessary to devalue the RMB to stimulate the export. Given the stability of nominal exchange rate, actual exchange rate necessarily devalue, whose form is the withdrawal of tax on export and the drop of the prices at home. |
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