The pressure on the Chinese government to appreciate the Chinese yuan is large. Since the start of the dollar's sustained depreciation in early 2002 the western industrialized countries including Japan argue that China's fixed peg is equivalent to a mercantilist trade policy. From the Chinese...

Although most CIS and East Asian countries are de jure classified as free floaters, they de facto pursue (tight) dollar pegs. This paper emphasizes dollar denomination of shortterm and long-term payment flows as reasons for exchange rate stabilization. Based on the analysis of competitive...

Before and after the Asian crisis, the dollar has been the dominant anchor and reserve currency in East Asia. Due to underdeveloped capital markets and a very limited international role of the domestic currencies, the East Asian countries (except Japan) are likely to continue exchange rate...