Publisher： John Wiley & Sons Inc
E-ISSN： 1467-9361|19|3|608-623
ISSN： 1363-6669
Source： REVIEW OF DEVELOPMENT ECONOMICS, Vol.19, Iss.3, 2015-08, pp. : 608-623
Disclaimer: Any content in publications that violate the sovereignty, the constitution or regulations of the PRC is not accepted or approved by CNPIEC.
Abstract
AbstractWe analyze the period of a managed floating exchange rate policy in China between June 2010 and November 2014. We estimate a time‐varying structure of a hypothetical currency basket using the Kalman filter. We show that the exchange rate policy continues to focus on the US dollar. However, its weight has been gradually declining, while this decline has moderated in 2014. The euro played some role before summer 2011, but became negligible after the outbreak of the European sovereign debt crisis. Finally, the Thai baht has positive implicit weights.
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