＂Game of Exchange Rate＂

The book is based on the research achievements of CDRF’s project “Impact Assessment of RMB Exchange Rate Regime Reform”. The project studies large numbers of micro data from enterprises as well as customs and banking statistics. It evaluates the impact of exchange rate reform on the production and management of China’s export-oriented enterprises, development of banking industry, import and export, international capital flows, macroeconomic performance, and the effectiveness of macro-control. The project also calculates the real equilibrium exchange rates of RMB.

Based on the assessment results and the exchange rate reform experiences from those emerging industrialized countries such as Japan, Germany, Korea and Taiwan, the book provides systematic policy recommendations on medium and long-term reform of RMB exchange rate regime.