China’s Exchange Rate Policy, Its Current Account Surplus and the Global Imbalances
讨论中国经常账户盈余的决定因素、2005年后激增的原因，以及盈余对全球实际利率、美国经常账户赤字和世界信贷危机的影响。
This article is stimulated by current criticisms of Chinese exchange rate policy. The concern is really about China's current account surplus. The article discusses the factors that determine the surplus, and the reasons why the surplus increased sharply from 2005. The international implications of China's surplus and growth are discussed, and how it has affected the world real interest rate, and through that the US current account deficit. The surplus has had various international relative price effects, which have produced both gainers and losers. Finally, the surplus played only a small part in determining the world credit crisis. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.