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La gestion du renminbi depuis 2005

Author

Listed:
  • Guonan Ma
  • Robert N. McCauley

Abstract

Conventional wisdom is that the renminbi exchange rate since mid 2005 has been no more than a simple (crawling) dollar peg. We instead interpret the Chinese authorities as having made the transition away from a crawl or stall against the US dollar or having at least conducted a sustained experiment in a basket management in the period of 2006-2008. The Chinese bilateral dollar exchange rate is not representative of the renminbi management since 2005, the SDR is more representative, while the BIS effective index is the most representative of the three. As it happens, the euro/renminbi rate was representative of the renminbi?s broader movements between June 2005 and December 2010. Moreover, the nominal exchange rate is not the full story of the Chinese exchange rate policy. Since prices have risen faster in China than in its trading partners, the real rise of the renminbi over the period June 2005 to December 2010 has been about 10% larger than its nominal rise. As it happens, the real rise against the euro was also representative of the renminbi?s broader movements. Classification JEL: F31, O53, P33, P34.

Suggested Citation

  • Guonan Ma & Robert N. McCauley, 2011. "La gestion du renminbi depuis 2005," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 163-182.
    • Handle: RePEc:cai:refaef:ecofi_102_0163
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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