China’s road to exchange rate liberalization

    Research output: Book Chapters | Papers in Conference ProceedingsBook Chapter

    Abstract

    When Deng Xiaoping decided to open up China’s economy in 1978, he and other Chinese leaders were already aware of the need to introduce a greater degree of convertibility for its currency. They decided to achieve this in stages, first by inventing new, more convertible alternatives to the RMB. This is the multitrack system that lasted right through 1 January 1994. Section II will look at this history and assess the legacy of this policy. Starting on 1 January 1994, China proceeds to bring about a higher degree of convertibility “at the intensive margin”—i.e., convertibility of the unified RMB. Section III will assess China’s success in this endeavour. In Section IV I shall look at the risks and difficulties confronting China through the turn of the country. Finally, Section IV will conclude the Chapter with some brief comments.
    Original languageEnglish
    Title of host publicationChina in the Post-Deng Era
    EditorsJoseph Y. S. CHENG
    Place of PublicationHong Kong
    PublisherThe Chinese University of Hong Kong Press
    Chapter16
    Pages453-470
    Number of pages18
    ISBN (Print)9622017924
    Publication statusPublished - 1998

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    convertibility
    liberalization
    China
    currency
    leader
    economy
    history

    Cite this

    HO, L. S. (1998). China’s road to exchange rate liberalization. In J. Y. S. CHENG (Ed.), China in the Post-Deng Era (pp. 453-470). Hong Kong: The Chinese University of Hong Kong Press.
    HO, Lok Sang. / China’s road to exchange rate liberalization. China in the Post-Deng Era. editor / Joseph Y. S. CHENG. Hong Kong : The Chinese University of Hong Kong Press, 1998. pp. 453-470
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    HO, LS 1998, China’s road to exchange rate liberalization. in JYS CHENG (ed.), China in the Post-Deng Era. The Chinese University of Hong Kong Press, Hong Kong, pp. 453-470.

    China’s road to exchange rate liberalization. / HO, Lok Sang.

    China in the Post-Deng Era. ed. / Joseph Y. S. CHENG. Hong Kong : The Chinese University of Hong Kong Press, 1998. p. 453-470.

    Research output: Book Chapters | Papers in Conference ProceedingsBook Chapter

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    HO LS. China’s road to exchange rate liberalization. In CHENG JYS, editor, China in the Post-Deng Era. Hong Kong: The Chinese University of Hong Kong Press. 1998. p. 453-470