Benn Steil


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The Yuan

July 30, 2009


China has long pegged its currency to the Dollar.  After the USD started to depreciate against many currencies in 2002, expectations emerged that China would move away from a tight dollar peg.  Following China’s reforms in 2005, the Yuan appreciated by over 20% against the dollar.  However, since July 2008, the Yuan has been stable against the dollar, leading to expectations, illustrated by the forward price, that China’s repeg will persist.

Delaney, Christie: U.S. Assures ‘Concerned’ China It Will Shrink Deficit
Economist: China, America, and the Yuan
Guha, Beattie: U.S. Retreats from Yuan Manipulation Claims

To Rein: The BIS publishes a set of real exchange rates which capture the economic appreciation rather than simply the dollar (policy) perspective.


Post a Comment 2 Comments

  • Posted by Rien Huizer

    How does this look gainst the REER?

  • Posted by Rien Huizer


    They were doing so well and now they are sliding back!

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