There is, of course, a vigorous ongoing debate about China s exchange rate policy.

Global capital markets would recognize that a country with high unemployment might choose to pursue an inflationary policy or a policy or exchange rate depreciation.

Otherwise, China s central bank must focus on keeping the exchange rate stable and doesn t have a truly independent monetary policy.

A rising nominal and real exchange rate can propel structural change a weak currency policy is a trap.

But China retains its under valued exchange rate policy, so that the renminbi has appreciated relatively less against the dollar.

One pressing issue for the US, China, and the global economy is China s move to a more flexible exchange rate policy.

Disbursements payments

of exchange

of exchange

of exchange

of exchange

Balance 1992 1992 Exchange Balance at

RATES OF EXCHANGE

China s exchange rate policy is problematic not because it promotes exports, but because it has forced the country to accumulate a huge pile of wasteful foreign reserves.

In a number of Latin American countries, the recent inflows of capital have allowed the continuation of an overvaluation policy designed to combat inflation.

A policy of peace is not a policy of surrender.

Exchange Rate Disorder

Sewerage and Drainage

(f) Exchange rate

Exchange rates

Sanitation

(b) Sanitation

4. Exchange rates . 40 50 11

Exchange rates

SEWAGE SYSTEM

A customer for the drainpipe.

The payroll department wants it.

I don't know. What's the rate of exchange?

China s Exchange Rate Puzzle

Exchange rate fluctuation

6151 External foreign exchange

Children are separated from their families or guardians if the latter are shown to be negligent in their duties.

Revised Rates Adjustments of policy 1992 1993

Exchange rate gains EXPENDITURE

Balance of exchange rate adjustments

All of a sudden we have an exchange rate of

To the drainpipe.

Is it the drains?

See Environmental Sanitation.

The main change was a large reduction in interest rates, in line with an inflation targeting framework, which has led to a more competitive exchange rate policy.

Disarmament policy, too, is preventive policy.

And then we started a new policy a new policy completely different.

The investment cost for sanitary sewers can be about half the costs of conventional sewers.

Foreign exchange offices are authorized by the Central Bank for dealings in foreign notes and coin in accordance with the foreign exchange regulations in force.

The flooding was compounded by drainage problems resulting from limited pumping capacity and poor maintenance of drainage systems.