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The Devaluation of the Chinese Renbinbi: A Policy Choice for Economic Stabilization and Growth

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  • Turay, Abdul M.

    (College of Continuing Education The University of Oklahoma)

Abstract

China devalued the Renminbi in 1989 for the second time in three years. This raised some questions about the effectiveness of the policy. Therefore, the objective of this paper is to empirically analyze the impact of the devaluation of the Yuan on the Chinese economy. Moreover, we assume that for devaluation to be effective, it must be accompanied by monetary and/or fiscal policy. Thus, several scenarios of exchange rate and monetary policies were examined to determine which policy mix would enable China to achieve a maximum average growth from 1994-2003. The results show some contractionary impact on the Chinese economy.

Suggested Citation

  • Turay, Abdul M., 1995. "The Devaluation of the Chinese Renbinbi: A Policy Choice for Economic Stabilization and Growth," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 48(1), pages 85-93.
    • Handle: RePEc:ris:ecoint:0408
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