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40. Unification of China's foreign exchange rates

Author

Huang, Guobo and Wong, Yuk-Pang

Subjects
China -- Economic policy, Foreign exchange -- Prices and rates, Business, Economics, Company pricing policy, Economic policy, Prices and rates
Abstract

This paper studies China's foreign exchange market before and after the 1994 unification of the official and swap exchange rates. Examining segmentation as well as linkages among the foreign exchange adjustment centers (FEACs) reveals that the linkages were not strong enough to eliminate or narrow price differentials among FEACs. Hence, improving the foreign exchange market's efficiency requires a reform to unify the swap rates. This paper discusses the unification's implications for inflation, monetary policy, and current account convertibility., I. INTRODUCTION On January 1, 1994, China took a major step toward currency convertibility by unifying its official and swap market exchange rates. A national foreign exchange market centered around [...]

Published
1996

41. Money demand in China in the reform period: an error correction model

Author

Huang, Guobo

Subjects
China -- Economic aspects, Money demand -- Models, Business, Business, general, Economics
Abstract

I. INTRODUCTION The monetary aggregates and money demand in China have received increasing attention in recent years (see, for example, Peebles, 1984; Chow, 1987; Feltenstein and Farhadian, 1987; Portes and [...]

Published
1994

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