Narrowing China’s Current Account Surplus: The role of saving, investment and the renminbi

The widening of the Chinese current account surplus from the neighbourhood of 2 per cent of GDP about the turn of the century to as much as 10 per cent before the global financial crisis in 2008 led to calls for the renminbi (RMB) to be revalued. The rationale was that a stronger renminbi would make...

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Hauptverfasser:	Guonan Ma, Robert McCauley, Lillie Lam
Format:	Buchkapitel
Sprache:	eng
Schlagworte:	Accountancy Aggregate economy Business Business economics Business expenses Business operations Commerce Commercial production Committed fixed costs Consumer economics Consumer prices Domestic product Economic disciplines Economics Exchange rates Finance Financial accounting Financial economics Financial investments Fixed costs Foreign exchange Gross domestic product Interest Interest rates International economics International trade Labor costs Macroeconomics Overhead Prices Pricing Production factors Production output Real exchange rates Savings rates Supply Supply and demand Surplus
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Zusammenfassung:	The widening of the Chinese current account surplus from the neighbourhood of 2 per cent of GDP about the turn of the century to as much as 10 per cent before the global financial crisis in 2008 led to calls for the renminbi (RMB) to be revalued. The rationale was that a stronger renminbi would make Chinese exports less competitive and imports cheaper for Chinese consumers. This rationale sees the external surplus as a function of relative prices so that exchange-rate appreciation can narrow the surplus to a desired level.² Another, and in many ways richer, conception of China’s external