Since several years China has been put under a strong pressure of international community in order that she revaluates the renminbi, generally considered as undervaluated, because of the rapid growth of labour productivity. However, this last one accelerated since 1994, when China, instead of...

Most studies dedicated to Chinese inflation during the transition towards a market economy stressed the impact of monetary policy, through the effects of banking decentralisation on credit allocation between state and non state sectors. This papers aims at showing that exchange rate policy...