#  China's Currency Policy 

 



"[China is Still #2](http://www.project-syndicate.org/commentary/jeffrey-frankel-pours-cold-water-on-the-claim-that-the-us-economy-has-been-surpassed)," *[Project Syndicate](http://www.project-syndicate.org/columnist/jeffrey-frankel)*, May 5. Expanded as "[China is Not Yet #1](http://www.voxeu.org/article/china-not-yet-number-one)," *[VoxEU](http://www.voxeu.org/index.php?q=node/102)*, May 19, 2014.   
  
"[Will the Yuan Challenge the Dollar as Top International Currency?](http://hks.harvard.edu/fs/jfrankel/RMBintnztnSKKU2014.pptx)" [CERK](http://cerk.skku.edu/) International Conference, SungKyunKwan University, May 22, 2014.

"[Internationalization of the RMB and Historical Precedents](http://hks.harvard.edu/fs/jfrankel/RMBinterntlznJEI2012.doc)," [published](http://hks.harvard.edu/fs/jfrankel/RMBintnztnJEI2012pg329~365.pdf) in *[Journal of Economic Integration](http://ideas.repec.org/s/ris/integr.html)* 2012, vol.27, no.3, pp. 329-365.

“[Historical precedents for the internationalization of the RMB](http://hks.harvard.edu/fs/jfrankel/RMBinternatliztnhistoryCFR2011.doc),” 2011. [Written for](http://www.cfr.org/china/historical-precedents-internationalization-rmb/p26293) a [workshop](http://www.cfr.org/thinktank/cgs/beijingpapers.html) in Beijing of the [Council on Foreign Relations](http://www.cfr.org/) & the China Development Research Foundation, Nov.1.

Summary: "[Internationalization of the Renminbi: What Does History Tell us About the Precedents](http://hks.harvard.edu/fs/jfrankel/RMBintztn-RIETIfull.doc)?" Oct.5. Versions at [RIETI](http://www.rieti.go.jp/en/special/p_a_w/008.html) & [*Vox*](http://www.voxeu.org/index.php?q=node/7075), Oct.10, 2011.

"The RMB as an International Currency," [slides](http://www.hks.harvard.edu/fs/jfrankel/RMBintztnParis2011Jan.ppt), Club de [CEPII](http://www.cepii.fr/anglaisgraph/news/accueilengl.htm), Paris, 12 Jan., 2011.   
  
"[The Renminbi Since 2005](http://hks.harvard.edu/fs/jfrankel/ChinaRMB%24VoxEU2010Apr11.doc)," in *[The US-Sino Currency Dispute: New Insights from Economics, Politics and Law](http://www.voxeu.org/reports/currency_dispute.pdf)*, edited by Simon Evenett (Centre for Economic Policy Research: London) 2010, 51-60.

"[China-US Currency Issues](http://hks.harvard.edu/fs/jfrankel/ChinaUSCurrenciesCLD-June2010.ppt)," slides, CLD Program, Ash Center, June 8, 2010.

"[The Renminbi-Dollar Issue,](http://hks.harvard.edu/fs/jfrankel/ChinaUS&CurrenciesApr23.ppt)" slides, Spring Exercise, HKS, April 23, 2010.

"[China, the US, and Currency Issues,](http://hks.harvard.edu/fs/jfrankel/ChinaUS&Currencies.ppt)"slides, Chinese Future Leaders, Harvard, Jan. 29, 2010.

“[On Global Currencies](http://hks.harvard.edu/fs/jfrankel/GlobalCurrencyECBJune2009.doc),” ECB, June 2009. [Powerpoint.](http://hks.harvard.edu/fs/jfrankel/GlobalCurrencyECBJun2008.ppt) [Condensed and translated into Chinese](http://hks.harvard.edu/fs/jfrankel/OnGlobalCurrenciesInChinese.Pdf), for  *[International Herald Leader](http://news.xinhuanet.com/herald/2009-07/30/content_11796719.htm)*, Xinhua, Beijing, July 30, 2009.

“[New Estimation of China’s Exchange Rate Regime](http://www3.interscience.wiley.com/cgi-bin/fulltext/122522847/PDFSTART)" in *[Pacific Economic Review](http://www3.interscience.wiley.com/journal/118545351/home)*, vol. 13, no. 3, special issue, China's Impact on the Global Economy, [edited](http://www.econbrowser.com/archives/2009/08/chinas_impact_o.html) by Menzie [Chinn](http://www.lafollette.wisc.edu/facultystaff/chinn-menzie.html), pp. 346-360. [Proofs](http://hks.harvard.edu/fs/jfrankel/NewEstChinaPacEcR09-proofs.pdf) [F](http://hks.harvard.edu/fs/jfrankel/EstimatgRMB-New08DecPER%2009.pdf)[inal draft](http://hks.harvard.edu/fs/jfrankel/EstimatgRMB-New08DecPER%2009.pdf), June 2009. NBER [WP no. 14700](http://www.nber.org/papers/w14700), Feb. 2009. [Data.](http://hks.harvard.edu/fs/jfrankel/NewEstChinaExR-Data.xls)  
Related paper: [New Estimation of the RMB Regime (incl. appendix tables](http://hks.harvard.edu/fs/jfrankel/EstimatgRMB-New08DecMil.doc)) in *China’s Emerging Financial Markets: Challenges and Opportunities*, John Tatom, Glenn Yago, and James Barth, eds.  [(Springer)](http://www.springer.com/business/finance/book/978-0-387-93768-7).  [RWP08-077](http://ksgnotes1.harvard.edu/Research/wpaper.nsf/rwp/RWP08-077/%24File/rwp_08_077_frankel.pdf).   
  
“The United States, China, and the Policy Choices,” Conference on the Global Economy in Balance, U. Wisconsin, Madison, May 2008. [Slides.](http://hks.harvard.edu/fs/jfrankel/China%20US-UWiscMay1-2008.pdf)  
  
 [“Comments on Cline and Williamson’s ‘Estimates of the Equilibrium Exchange Rate of the Renminbi?’,”](http://hks.harvard.edu/fs/jfrankel/ClineWilliamsonRMBcomt.pdf) in *[Debating China's Exchange Rate Policy](http://bookstore.petersoninstitute.org/book-store/4150.html)*, M. Goldstein and N. Lardy, eds.([Peterson Institute for International Economics](http://www.iie.com/research/topics/hottopic.cfm?HotTopicID=3), Washington DC), 2008, 155-165. From [2007 conference.](http://www.iie.com/events/event_detail.cfm?EventID=47)  
  
“[Comment](http://hks.harvard.edu/fs/jfrankel/ChinnCheungFujiComtAug07.pdf) on ‘China’s Current Account and Exchange Rate,’ by Yin-Wong Cheung, Menzie [Chinn](http://www.lafollette.wisc.edu/facultystaff/chinn-menzie.html) and Eiji Fuji,” in *[China’s Growing Role in World Trade](http://www.press.uchicago.edu/presssite/metadata.epl?isbn=9780226239712)*, [NBER](http://www.nber.org/books_in_progress/china07/index.html), [edited](http://www.nber.org/books/feen07-1) by Rob Feenstra and Shang-Jin Wei, ([University of Chicago Press](http://press-dhcp1.uchicago.edu/search?restrict=books%7Ctitles&ie=&q=nber&site=press_main_collectio&filter=0&output=xml_no_dtd&client=press_main_collectio&access=p&Go=Go&ip=128.103.189.138&proxystylesheet=press_main_collectio&oe=&start=0), 2010).  
  
 ["Assessing China's Exchange Rate Regime,"](http://hks.harvard.edu/fs/jfrankel/AssessgRMB-EcPolicy.pdf) (with Shang-Jin Wei), [*Economic Policy*](http://www.economic-policy.org/default.ASP), 2007. Earlier working paper versions contain more extensive tables: [CEPR DP No. 6264](http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=6264&action.x=12&action.y=9), May 2007, and [NBER](http://www.nber.org/papers/) WP, May 2007. [Slides. ](http://hks.harvard.edu/fs/jfrankel/AssessgChinaExRslides.pdf) [Zipped programs and datasets](http://hks.harvard.edu/fs/jfrankel/AssessgChinaER-ZpdPgmD&Data.zip) (To generate the paper's tables & figures, follow the file "EP Journal Wrap Up.doc").  Revised from* [ “Evaluating China’s Exchange Rate Regime,”](http://hks.harvard.edu/fs/jfrankel/EvaluatgChinaCurrncyOct.doc) fall meeting of NBER China Group, Oct.13, 2006. A very early version appeared as [“Currency Mysteries”](http://hks.harvard.edu/fs/jfrankel/CurrencyMysteriesRMB5-29-06.pdf), May 28, 2006. Includes also ["Are US Treasury Findings of Exchange Rate Manipulation by Asians Based on Valid Economics or on Political Expediency?,"](http://hks.harvard.edu/fs/jfrankel/TreasCurrncyManipApril10L%20N.pdf) KSG, April 11, 2006. [Treasury reports](http://www.ustreas.gov/offices/international-affairs/economic-exchange-rates).   
  
 [“On the Renminbi,”](http://hks.harvard.edu/fs/jfrankel/ChinaYuanpub05CES-Ifo.pdf)  CESifo Forum, vol 6, no. 3, Autumn 2005, p. 16-21, Ifo Institute for Economic Research, Munich.  
  
***[ ](http://cesifo.oxfordjournals.org/cgi/rapidpdf/ifl004?ijkey=AlDADutJqzAbaPj&keytype=ref)***[“On the Yuan: The Choice Between Adjustment Under a Fixed Exchange Rate and Adjustment under a Flexible Rate,”](http://cesifo.oxfordjournals.org/cgi/rapidpdf/ifl004?ijkey=AlDADutJqzAbaPj&keytype=ref)[ ](http://cesifo.oxfordjournals.org/cgi/content/abstract/ifl004?ijkey=AlDADutJqzAbaPj&keytype=ref)[published](http://cesifo.oxfordjournals.org/cgi/content/abstract/ifl004?ijkey=AlDADutJqzAbaPj&keytype=ref)[with abstract, in Understanding the Chinese Economy,](http://cesifo.oxfordjournals.org/cgi/content/abstract/ifl004?ijkey=AlDADutJqzAbaPj&keytype=ref)[ edited by Gerhard Illing (CESifo Economic Studies, Munich), 2006](http://cesifo.oxfordjournals.org/cgi/content/abstract/ifl004?ijkey=AlDADutJqzAbaPj&keytype=ref). [Proof](http://hks.harvard.edu/fs/jfrankel/On%20the%20Yuan%20proofs.pdf) . Revised from  ["On the Renminbi: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate," ](http://hks.harvard.edu/fs/jfrankel/On%20the%20Renminbi.pdf) *High-Level Seminar on Foreign Exchange System,*  Dalian, China, May 2004. [RWP04-037](http://ksgnotes1.harvard.edu/research/wpaper.nsf/rwp/RWP04-037?OpenDocument). [NBER](http://www.nber.org/) [WP 11274](http://www.nber.org/papers/w11274).  [Presentation at American Enterprise Institute, Washington DC, Jan. 10, 2005](http://www.aei.org/events/eventID.976,filter.all/event_detail.asp)