Introduction of currency convertibility is one of the most cmcial part of a country'seconomic reforms, especially for those formerly centrally planned economies. The conceptcovers the unrestricted use of a country's currency for international currencies andallowing it to be freely exchanged for foreign currencies. To talk about convertibilityactually implies how open an economy is. It is unarguably an indispensable component ofthe integration process into the world economy. Since 1994, China's currency, renminbi,has been highly convertible for current account and remains partially convertible forcapital account. This paper reviews the process of China to achieve renminbi7sconvertibility. Since currency convertibility and liberalization of the trade and foreignexchange systems are actually two sides of one coin, structural reforms on these twoaspects will be discussed extensively. Then a simple model is used to evaluate the pre-reform centrally planned system as well as the transitional arrangement of dual exchangerate system. Finally, we focus
www.51lunwen.org on the impacts of the renminbi convertibility to themacroeconomic side, stressing on the monetary factors and changes in price levels. Capitalaccount liberalization is considered as the final step to achieve full convertibility and I willexplain how China launches initiatives to attain it.
Declaration
Acknowledgements Table of Contents
Chapter 1
Introduction
Chapter 2
The Concept of Convertibility
1. Traditional View of Convertibility
2. Modern View of Convertibility
3. IMF's Concept of Convertibility
4 Implications of Establishing Currency Convertibility
4.1 Implications of Current Account Convertibility
4.2 Implications of Capital Account Convertibility
5. Convertibility and Macroeconomic Stability
Chapter 3
Review of China's Trade and Foreign Exchange Reforms
1. General Review on Economic Reform.
2. Nature of China's Economic Reform
3. Pre-reform External Policies
4. Economic Consequence and Efficiency
5. External Trade Policy Reform
5.1 Decentralization of Foreign Trade Authority
5.1.1 Export Promotion Strategy
5.1.2 Import and Export Licensing
5.2 Relaxation of Exchange Control
5.2.1 Foreign Exchange Retention System
5.2.2 Foreign Exchange Adjustment Centers
5.3 Exchange Rate Policy
5.3.1 Stage 1. Internal Settlement Rates
5.3.2 Stage 2. Dual Exchange Rate System
5.3.3 Stage 3. Unification of the foreign Exchange Rates
6. Conclusions
hapter 4
Economic Analysis of the Foreign Exchange Reform
1. Basic Model for Foreign Exchange System in CPEs
2. Modified Model of Dual Exchange Rate System
3. Conclusions and Insights
Chapter 5
Convertible Renminbi and its Macroeconomic Significance
1. Managed Floating Exchange Rate Regimes
2. Monetary Policy and Inflation
3. Capital Account
www.51lunwen.orgLiberalization
4. Further Reforms for Capital Account Convertibility
5. Conclusions
Abbreviations
Appendices
Appendix 1. Official Renminbi Exchange Rates before Reform.
Appendix 2. Dual Renminbi Exchange Rates after Reform
Appendix 3. Foreign Trade Figures 1985 - 94
Appendix 4. Current Account Balance of China 1989 - 94
Appendix 5. Foreign Exchange Reserves of China 1985 - 94
References
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