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Should the Yuan be Revalued?

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Author Info
Agnes Benassy-Quere
Amina Lahreche-Revil
Francoise Lemoine

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Abstract

China's exchange rate policy is often invoked to explain the widening of the us trade deficit. Nevertheless, if prices (and hence the exchange rate) do indeed play a role in Chinese competitiveness, the impact expected from a possible rise in the yuan* should not be over-estimated. First, China's competitiveness stems mainly from structural factors. Next, China's share in us trade remains relatively small. However, an appreciation of the yuan could be followed by an appreciation of all Asian currencies, which would then obviously have a greater impact on the American trade balance. The present caution of the Chinese authorities may be explained by fears about an appreciation worsening the distribution of resources and weakening local industry.

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Publisher Info
Article provided by CEPII research center in its journal La Lettre du CEPII.

Volume (Year): (2003)
Issue (Month): 227 (October)
Pages:
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Handle: RePEc:cii:cepill:2003-227

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Related research
Keywords: exchange rate; exchange rate policy; yuan; competitiveness; international monetary and financial system;

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

Cited by:
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  1. Guillaume GAULIER & Francoise LEMOINE & Deniz ÜNAL-KESENCI, 2004. "CHINA's INTEGRATION IN ASIAN PRODUCTION NETWORKS AND ITS IMPLICATIONS," Discussion papers 04033., Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
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This page was last updated on 2009-10-27.

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