NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

China's Current Account and Exchange Rate

Yin-Wong Cheung, Menzie D. Chinn, Eiji Fujii

NBER Working Paper No. 14673
Issued in January 2009

---- Acknowledgements -----

Paper prepared for NBER conference on "China's Growing Role in World Trade," organized by Rob Feenstra and Shang-Jin Wei, in Cape Cod, MA, August 3-4, 2007. We thank the discussant Jeffrey Frankel, Shang-Jin Wei, Arthur Kroeber, Xiangming Li, Jaime Marquez and conference participants for comments and discussion, and Kenneth Chow, Guillaume Gaulier, Chang-Tai Hsieh and Hiro Ito for providing data. Cheung acknowledges the hospitality of the Hong Kong Institute for Monetary Research, where part of this research was conducted. Faculty research funds of the University of California, Santa Cruz, and the University of Wisconsin are gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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