人民币汇率制度对其他亚洲货币的影响，influence of rem exchange policy on othe asian currencies，by Takatoshi Ito,发表于2008，The East Asian countries, most notably China, are often collectively described as managing, if not manipulating, their exchange rates to be undervalued. They are said to have maintained large current account surpluses and accumulated foreign reserves; along with oil-producing nations, they are a large piece in the puzzle of global imbalances. However, despite this initial impression, the exchange rate regimes of East Asian countries are diverse and uncoordinated. Some currencies have appreciated more than 25 percent between July 2005 and November 2007, whereas China appreciated only 11 percent during the same period. The lack of exchange rate policy coordination among Asian countries tends to prevent rather than help the global exchange rate realignment and demand rebalancing that is essential to resolve global imbalances.1 Countries that trade with China and compete with it in exports to third markets are keen not to allow too much appreciation of their own curren-cies against the renminbi. When China allows its currency to appreciate only very gradually, the neighboring countries try not to allow sharp appreciation of their own currencies. However, the Asian emerging currencies appreciated more than the renminbi did from July 2005 to November 2007. Would the other Asian currencies have appreciated more if China had allowed more appreciation?
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