Event Summary
Madame Wu Xiaoling, Deputy Governor of the People's Bank of China, delivered the keynote address at the Peterson Institute conference on China's Exchange Rate Policy on October 19. About 25 distinguished speakers, including several Institute senior fellows, representing a variety of views, gathered for the all day event to analyze various aspects of the ongoing controversy surrounding China's exchange rate policies and to suggest appropriate policy prescriptions. Presenters covered monetary policy independence and the currency regime; proposed rebalancing of China's growth (with and without much renminbi appreciation); estimation of the equilibrium exchange rate for the renminbi; management of China's international reserves; influence of the renminbi on other countries' exchange rate policies; currency bills in the US Congress; and China's exchange rate policy and IMF exchange rate surveillance. The conference concluded with a wrap-up panel of experienced observers including Andrew Crockett (JPMorgan Chase), Fan Gang (People's Bank of China), Larry Summers (Harvard University), and C. Fred Bergsten as moderator.
The proceedings of the conference have been published in Debating China's Exchange Rate Policy (Peterson Institute for International Economics, 2008).
Conference Papers and Presentations
| Welcoming Remarks | C. Fred Bergsten, Peterson Institute
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Session I
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China's Exchange Rate Policy: An Overview of Some Key Issues Morris Goldstein, Peterson Institute Nicholas Lardy, Peterson Institute presentation
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| Discussants | Jonathan Anderson, UBS, Hong Kong | |
| Fan Gang, National Economic Research Institute and Monetary Policy Committee, People's Bank of China
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Session II
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Monetary Policy Independence, the Currency Regime, and the Capital Account in China |
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| Discussants | Shang-Jin Wei, Columbia University |
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| Jin Zhongxia, People's Bank of China
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| Rebalancing China's Growth Bert Hofman, World Bank Louis Kuijs, World Bank presentation
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| Discussants | Barry Bosworth, Brookings Institution | |
| Kenneth Rogoff, Harvard University
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Session III
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Estimates of the Equilibrium Exchange Rate of the Renminbi: Is There a Consensus and If Not, Why Not? William R. Cline, Peterson Institute John Williamson, Peterson Institute presentation
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| Discussants | Jeffrey Frankel, Harvard University | |
| Simon Johnson, International Monetary Fund
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| The Management of China's International Reserves: China and a Sovereign Wealth Fund Scorecard A Scoreboard for Sovereign Wealth Funds Edwin M.Truman, Peterson Institute presentation
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| Discussants | Mohamed El-Erian, Harvard Management Company |
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| Brad Setser, Council on Foreign Relations
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| Keynote Address |
China's Exchange Rate Policy and Economic Restructing [pdf]
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Session IV
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The US Congress and the Chinese Renminbi |
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| Discussants | Stephen Roach, Morgan Stanley |
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| Julie Chon, Senate Banking Committee
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The Influence of the Renminbi on Exchange Rate Policy in Other Asian Currencies |
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| Discussants | Yung Chul Park, Seoul National University |
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| Jean Pisani-Ferry, Bruegel
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Session V
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IMF Surveillance over China's Exchange Rate Policy |
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| Discussants | Steven Dunaway, International Monetary Fund |
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| Timothy Adams, Lindsey Group
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Wrap-up Panel
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C. Fred Bergsten, Peterson Institute Andrew Crockett, JPMorgan Chase Fan Gang, National Economic Research Institute and Monetary Policy Committee, People's Bank of China Larry Summers, Harvard University |
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