Two-Stage Currency Reform for China

Abstract

It was the unstoppable force meeting the immoveable object. During his recent visit to Beijing, U.S. Treasury Secretary John Snow stated that his objective was to get China to commit to moving to a “free-floating” currency, while senior Chinese officials stressed the contribution that a “stable” yuan had made to economic stability and development in China, Asia and the world. How then to square the circle that seems to call for three objectives: a near-term revaluation of the yuan, greater stability of the yuan in the medium term and greater flexibility and market determination of the yuan a little later down the road?

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