[DOWNLOAD] "China and Monetary Integration in East Asia (Report)" by China: An International Journal * eBook PDF Kindle ePub Free

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eBook details

• Title: China and Monetary Integration in East Asia (Report)
• Author : China: An International Journal
• Release Date : January 01, 2009
• Genre: Social Science,Books,Nonfiction,
• Pages : * pages
• Size : 220 KB

Description

Flaws in East Asia's original exchange rate regime were exposed in the aftermath of the Asian Financial Crisis of 1997-98. Without a regional monetary coordination mechanism, the uncoordinated exchange rate policies of the region meant their economies were vulnerable to fluctuations in exchange rates with the world's major currencies. The Asian Financial Crisis gave much impetus to the quickening pace of East Asian cooperation. The Chiang Mai Initiative (CMI) was agreed upon in May 2000 to provide liquidity support and manage currency crises, and the Asian Bond Initiative (ABI) was endorsed in August 2003 to develop the regional and domestic financial market and improve regional financial cooperation. The Chinese economy is set to become the most important in the region and the government is now taking serious steps to integrate it into the world economy. In this article, we focus on the potential role of the Chinese economy in the process of regional integration. In particular, we attempt to make some proposals for East Asian monetary coordination and pay more attention to the potential role of the Chinese renminbi (RMB) in a regional basket arrangement.

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