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1. INTRODUCTION
MISALIGNMENT in the Chinese currency, the renminbi, has been the focus
of much recent interest. Since it was devalued in 1994, China’s currency
has been kept at a constant nominal level to the US dollar despite China’s rapid
economic growth, rising productivity, vibrant exports and massive foreign direct
investment inflows – all factors that normally cause a currency to appreciate.1
Moreover, the resulting build-up of central bank foreign reserves in itself is
sufficient to justify renminbi appreciation.
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