Renminbi transparency

Article Abstract:

China has made moves towards full currency convertibility after making the renminbi convertible on the trade account to enable it to attract cheap foreign capital. However, the government may be deterred from making the renminbi fully convertible, in the face of the unpleasant experiences of other developing countries. It needs to manage its exchange rate to prepare the way for inflows of foreign capital and boost domestic economic growth. Managed floating, practised by other developing countries, could be an option. There will need to be regular reviews of the renminbi and its rate of change

China, Yuan (China)

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Monetary mischief

Article Abstract:

The International Monetary Fund (IMF) agreed two packages with the Indonesian government in Oct 1997 and Jan 1998 but these failed to stabilise the rupiah. US professor Steve Hanke then put forward the proposal to establish a currency board. President Suharto rejected this proposal and Hanke received general condemnation. Appraisal of subsequent events, including riots and the removal of President Suharto, raises questions about whether they would have occurred if Hanke's proposal had been accepted. The rupiah is also continuing to slide under conditions prescribed by the IMF.

Political aspects, Foreign exchange, Indonesia

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