Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2000 erstellt
Beschreibung:
China's foreign exchange policy has undergone fundamental changes in the reform years. This paper presents how China's foreign exchange system has evolved at a critical juncture of China's transition to a market economy and examines the property of such regime switching. Evidence indicates China's exchange reforms are an extensive enterprise which encompasses reforms that have changed foreign exchange pricing, foreign exchange allocation, currency convertibility, the institutional set-up and the legal framework in relation to international capital movement. As a result, a market-based foreign exchange system is taking shaping in China, which has enormous implications for international finance and the world economy. China's foreign exchange reform has proved to be a success. However, the reign of market forces over China's foreign exchange system is not complete and China's foreign exchange liberalisation so far is largely partial