Changes in China's Foreign Exchange Policy Reform
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A gradual evolutionary economic reform process has transformed China from a centrally planned economy to a decentralized market based economy over the past three decades. The implementation of economic reforms in the early 1980s has brought China to enhancing integration with economies worldwide. Particularly, the foreign exchange administration controls have been alleviated, which led to growth of foreign trade and capital inflows. China’s foreign exchange policy has experienced several historical formation steps, passing through a single official rate regime to dual track rate regime and lastly to market based managed floating regime. Due to considerable efforts of Chinese government, starting from October 2016, renminbi is served as an international reserve currency. It became obvious by looking through the SDR basket that the Chinese renminbi, the Japanese yen and the British pound have undergone nearly the same path and in the revised basket have nearly the same weights. This research attempts to find implications for China, by analyzing the experience of foreign exchange reforms of Japan and U.K. in SDR basket group.
Abstract
A gradual evolutionary economic reform process has transformed China from a centrally planned economy to a decentralized market based economy over the past three decades. The implementation of economic reforms in the early 1980s has brought China to enhancing integration with economies worldwide. Particularly, the foreign exchange administration controls have been alleviated, which led to growth of foreign trade and capital inflows. China’s foreign exchange policy has experienced several historical formation steps, passing through a single official rate regime to dual track rate regime and lastly to market based managed floating regime. Due to considerable efforts of Chinese government, starting from October 2016, renminbi is served as an international reserve currency. It became obvious by looking through the SDR basket that the Chinese renminbi, the Japanese yen and the British pound have undergone nearly the same path and in the revised basket have nearly the same weights. This research attempts to find implications for China, by analyzing the experience of foreign exchange reforms of Japan and U.K. in SDR basket group.
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