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Evolution of China's exchange rate in the reform era
Transition to an equilibrium exchange rate
Developments since mid-2005
Challenges facing the Chinese authorities under the existing currency regime
Independence of monetary policy
Rebalancing economic growth
Potential effects of Renminbi appreciation on China's banking system
External adjustment, global imbalances, and the risk of protectionism
Policy implications and options
The stay-the-course strategy
The three-stage approach.

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