Anmerkungen:
Zsfassung in engl. Sprache
Record-last-verified: 15-08-05
Systemvoraussetzungen: Acrobat reader
Beschreibung:
The pressure on the Chinese government to appreciate the Chinese yuan is large. Since the start of the dollar's sustained depreciation in early 2002 the western industrialized countries including Japan argue that China's fixed peg is equivalent to a mercantilist trade policy. From the Chinese perspective the peg seems beneficial. Due to the dollarization of international capital flows in East Asia and due to high international assets denominated in US dollars, exchange rate stability against the US dollar contributes to macroeoconomic stability in China and East Asia as a whole. There remains the danger of overheating which is imported via the dollar parity. This threat of inflation could be curtailed by both a yuan appreciation or a more restrictive fiscal and monetary policy in the United States.