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17 Colum. J. Asian L. 433 (2003-2004)
Controlling for Risk: An Analysis of China's System of Foreign Exchange and Exchange Rate Management

handle is hein.journals/colas17 and id is 439 raw text is: CONTROLLING FOR RISK: AN ANALYSIS OF CHINA'S SYSTEM OF FOREIGN EXCHANGE AND EXCHANGE RATE MANAGEMENT THOMAS HALL* 1. INTRODUCTION ------------------------------434 II. MODERN HISTORY OF CHINA'S FOREIGN EXCHANGE SYSTEM --------------------------436 A. PRE- 1949: INSTABILITY AND FOREIGN DOMINATION ---- 436 B. 1949-1979: CENTRALIZATION AND AUTARKY --------- 437 C. 1979-1993: DECENTRALIZATION AND MANAGED MARKET FORCES -----------------------------------------438 D. 1994-1996: CONSOLIDATION AND LIBERALIZATION --- 443 E. 1997 - PRESENT: STABILITY IN THE FACE OF EXTERNAL PRESSURES --------------------------------------448 III. INSTITUTIONAL AND LEGAL FRAMEWORK OF CHINA'S FOREIGN EXCHANGE SYSTEM ---------452 A. THE INSTITUTIONAL FRAMEWORK -------------------452 1. Policymaking ---------------------------453 2. Lawmaking ----------------------------- 454 3. Implementation of laws --------------------454 B. THE LEGAL FRAMEWORK ---------------------------456 IV. REGULATION OF THE SUPPLY AND DEMAND OF FOREIGN CURRENCY -------------------------458 A. CURRENT ACCOUNT VS. CAPITAL ACCOUNT TRANSACTIONS .. . . . .. . . . . .. . . ..------------------------------------------------ 458 B. REGULATION OF CURRENT ACCOUNT TRANSACTIONS --- 461 C. REGULATION OF CAPITAL ACCOUNT TRANSACTIONS ---- 464 V. EXCHANGE RATE CONTROLS ------------------471 A. THE PEGGED EXCHANGE RATE ----------------------471 Columbia Law School, J.D. expected 2004. The author would like to thank Professor Ben Liebman for his helpful comments on earlier drafts.

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