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The paper argues that China's capital controls remain substantially binding. This has allowed the Chinese authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate up to July 2005. Although the Chinese capital controls have not been watertight, we find sustained and significant gaps between onshore and offshore renminbi interest rates and persistent dollar/renminbi interest rate differentials during the period of a de facto dollar peg. While some cross-border flows do respond to market expectations and relative yields, they have not been large enough to equalise onshore and offshore renminbi yields.
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Do China's capital controls still bind?: implications for monetary autonomy and capital liberalisation
2007, Bank for International Settlements
Electronic resource
in English
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Book Details
Edition Notes
Title from PDF file (viewed on Dec. 27, 2007).
"Monetary and Economic Department."
"August 2007."
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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December 10, 2009 | Created by WorkBot | add works page |