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Original Articles

Currency speculation, domestic and international monetary systems: reforming China's and the global financial architecture

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Pages 237-258 | Received 01 Jun 2008, Accepted 10 Jan 2009, Published online: 19 May 2009
 

Abstract

China has undergone a deep, although gradual, process of reform of its financial system and exchange rate regime while avoiding large speculative inflows and uncontrolled real appreciation through non-monetary anti-inflationary policies, low interest rates and capital account controls. These policies remain of crucial importance while the country is strengthening its domestic financial system and its exchange rate market, but they should be supported by internationally coordinated policies and cooperative monetary schemes to reduce global imbalances and destabilizing cross-currency speculation.

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