What is the new Chinese currency regime?

What is the new Chinese currency regime?,Ajay Shah,Achim Zeileis,Ila Patnaik,Indian Express

What is the new Chinese currency regime?   (Citations: 18)
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The revaluation of the renminbi in July 2005 was described by the Chinese cen- tral bank as a change in the currency regime, rather than merely a changed level of the exchange rate. The reform was said to involve a shift away from the fixed exchange rate, a gradual movement towards greater flexibility, and a peg to a basket of currencies. This paper closely examines the post-July Chinese currency regime utilising con- temporary ideas in the econometrics of structural change. We find that the yuan has remained pegged to the US dollar, rather than to a basket, and has extremely limited currency flexibility. We find no evidence of structural change in the post-July period, which suggests that there has been no evolution towards greater flexibility. We show a monitoring procedure which will detect future evolution of the currency regime.
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