Beijing's Tactical Retreat

Hanke, Steve H.
September 2005
Forbes Asia;9/19/2005, Vol. 1 Issue 2, p41
The article reports on the appreciation of the Chinese yuan after the government decided to adopt a managed floating exchange-rate regime. U.S. Treasury Secretary John Snow believes that the changes would allow China to effectively pursue price stability. In the 1932-1934 period, the country's gross domestic product declined by 26 percent and wholesale prices in the capital city of Nanjing fell by 20 percent.


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