García-Herrero, Alicia; Koivu, Tuuli - Bank for International Settlements (BIS) - 2009
rate of the renminbi. However, the current size of the trade surplus is such that exchange rate policy alone will probably … renminbi exchange rate is limited mainly because Chinese imports do not react as expected to a renminbi appreciation - they …This paper shows empirically that China's trade balance is sensitive to fluctuations in the real effective exchange …