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China Staves Off Devaluation
then, it has not been plummeting, as many people had feared. Until the 1994 overhaul, China had two official foreign-exchange systems with confusingly different rates an unfavorable one for foreigners and a better one for qualified Chinese enterprises. Economysomething a strong dollar helped accomplish. Many policy watchers see little appetite for coordinated policy intervention. Consider that at the start of 1994, China effectively devalued the renminbi by 33 percent yet that truly sharp decline had scarcely any effect on global markets.
Dollar overshoot, that only conclusively ended with the 1985 Plaza Accord. But such intervention would be highly controversial in an election year, when certain presidential candidates would accuse the US central bank of debasing the dollar, Eichengreen said, in an email interview. No doubt, most policy makers would prefer that China use capital controls and its own sizable currency beliefs of Plato and Saint Augustine reserves to guide the yuan. What are people worried about? While the worlds five leading industrial economies were able to hammer out the Plaza deal in 1985, a new agreement would need to be worked out by officials of the Group of 20 leading industrial and developing economies. As part of the changes, China unified the two official foreign-exchange systems, setting the rate for foreigners at roughly the same level used internally by Chinese enterprises on swap markets. To sell dollars for yuan, given that the Fed has an unlimited supply of dollars, noted Barry Eichengreen, economics professor at the University of California, Berkeley. A general slowdown in Chinas economy has been compounded by.3 fall in exports in July from a year earlier, with shipments to Japan and the European Union dropping by double-digit figures. . Prasad, the former head of the.M.F.s China division, and now an economist at Cornell and the Brookings Institution. One result is that even including the recent devaluation, the renminbi has fared better against the dollar than every major currency that is freely traded. It has come far but it still has a very long way.