The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data
---- Acknowledgements ----
We thank Rudolfs Bems, Olivier Blanchard, Nigel Chalk, Roberto Chang, Stijn Claessens, Charles Engel, Robert Feenstra, Kristin Forbes, Jeffery Frankel, Marcel Fratzscher, Takatoshi Ito, Andrei Levchenko, Raul Razo-Garcia, Shang-Jin Wei, and seminar participants at the IMF, the ECB, the 2011 Econometrics Society Winter Meeting, and the NBER IFM 2011 Spring Meeting for helpful comments and Mohsan Bilal for excellent research assistance. The views in the paper are those of the authors and do not necessarily reflect those of the IMF or the National Bureau of Economic Research. This Paper was also published as IMF Working Paper 11/155, and has been reproduced with permission.