Eichengreen, Barry; Kawai, Masahiro - Asian Development Bank Institute, Asian Development Bank - 2014
autonomy. This, however, would pose a challenge for PRC authorities as hasty capital account liberalization could expose its … capital account controls. It argues that a high degree of RMB internationalization requires significant capital account … liberalization, which in turn would call for greater exchange rate flexibility so that the central bank can enjoy monetary policy …