The current financial crisis in East ASia has posed serious pressure on China to devaluate its currency. It is argued in this paper that devaluation is not inevitable. This argument is based on an analysis of the impacts of East Asia's crisis on China's trade and foreign capital inflows. China's domestic financial and banking problems are also examined. It is found in this paper that China's recent economic growth is largely driven by internal forces.
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Length: 16 pages Date of creation: 1998 Date of revision: Handle: RePEc:mlb:wpaper:621
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Find related papers by JEL classification: F31 - International Economics - - International Finance - - - Foreign Exchange F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements