Debating China's Exchange Rate Policy.

Cover -- Contents -- Preface -- Acknowledgments -- Chapter 1: China's Exchange Rate Policy: An Overview of Some Key Issues -- Challenges Facing the Chinese Authorities under the Existing Currency Regime -- Policy Implications and Options -- References -- Comment: China's Industrial Investment Boom and the Renminbi -- Comment: Renminbi Revaluation and US Dollar Depreciation -- Chapter 2: Monetary Policy Independence, the Currency Regime, and the Capital Account in China -- Investment-Led Growth -- Macroeconomic Policies -- Path to Reforms -- An Alternative Monetary Policy Framework -- Conclusion -- References -- Comment: Some Bubbles in the Discussion of the Chinese Exchange Rate Policy -- Comment: The Open Economy Trilemma: An Alternative View from China's Perspective -- Chapter 3: Rebalancing China's Growth -- China's Past Growth Performance -- An Alternative Growth Strategy for China -- Conclusion -- References -- Comment: Approaches to Rebalancing China's Growth -- Comment: Domestic Imbalances and Data Ambiguities -- Chapter 4: Estimates of the Equilibrium Exchange Rate of the Renminbi: Is There a Consensus and, If Not, Why Not? -- Approaches and Methodological Issues -- Review of Estimates -- Conclusion -- References -- Comment: Equilibrium Exchange Rate of the Renminbi -- Comment: Toward a Balanced Approach -- Chapter 5: The Management of China's International Reserves: China and a Sovereign Wealth Fund Scoreboard -- References -- Appendix 5A: A Scoreboard for Sovereign Wealth Funds -- Comment: Toward a Better Understanding of Sovereign Wealth Funds -- Comment: Impact of China Investment Corporation on the Management of China's Foreign Assets -- Chapter 6: The US Congress and the Chinese Renminbi -- Legislation as a Lever? -- Engaging the WTO? -- Giving a Larger Voice to Congress? -- Mirror Legislation Abroad? -- References.

Comment: The Politics of Trade Frictions -- Chapter 7: Influence of the Renminbi on Exchange Rate Policies of Other Asian Currencies -- Overview of Exchange Rate Developments, 2004-07 -- Exchange Rate Regimes in East Asia -- Basket Currency Proposals -- Political Economy -- Global Imbalances and East Asia -- Concluding Remarks -- References -- Appendix 7A: Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime, July 21, 2005 -- Comment: The Regional Currency Unit and Exchange Rate Policy Cooperation in East Asia -- Comment: The End of Europe's Long-Standing Indifference to the Renminbi -- Chapter 8: IMF Surveillance over China's Exchange Rate Policy -- China's Exchange Rate Policy -- The Monetary Approach: Explaining Some Chinese Puzzles -- The Problem of Global Imbalances -- What To Do Now -- Accountability -- References -- Comment: The IMF's Approach to Surveillance -- Chapter 9: Commentary -- Andrew Crockett -- Fan Gang -- C. Fred Bergsten -- Lawrence H. Summers -- Keynote Address China's Exchange Rate Policy and Economic Restructuring -- About the Contributors -- Index.

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