China keeps its currency, the renminbi, artificially low, which boosts its exports and trade surplus but distorts the global market. Chinese leaders, however, consider the managed exchange rate a tool in China's development strategy. Thus far the Obama administration has stopped short of calling the policy "currency manipulation," but some members of Congress are pushing for tough action. Brookings experts examine the issues and challenges in dealing with the problem.
Reuters/Stringer - A bank clerk counts Chinese yuan banknotes at a branch of Industrial and Commercial Bank of China in Huaibei, Anhui province, June 8, 2012.
Is China Serious About Liberalizing the Renminbi?
September 30, 2014, Eswar Prasad, Karim Foda and Abhinav Rangarajan
Eswar Prasad, Karim Foda and Abhinav Rangarajan examine China's steady progress on its path to making the renminbi an international currency.
Asia and the Pacific
Article | International Monetary Fund
June 2014, David Dollar
November 21, 2013, Qiao Yu
October 22, 2013, William J. Antholis
July 1, 2013, Douglas J. Elliott and Kai Yan
April 2013, Arthur R. Kroeber
October 9, 2012, Richard C. Bush III
March 19, 2012, Arthur R. Kroeber
Article | Finance and Development
March 2012, Eswar Prasad and Lei Ye
February 2012, Eswar Prasad and Lei (Sandy) Ye
Article | China Economic Quarterly
December 9, 2011, Erica S. Downs
View All Research on China's Currency ›Show 2 More
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Senior Fellow, Global Economy and Development
New Century Chair in International Trade and Economics
Senior Fellow, Foreign Policy, Global Economy and Development, John L. Thornton China Center
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