"This book is insightful, comprehensive, and timely. It is a must-read for anyone interested in understanding China's monetary challenges into the 21st century. The terrific data in Burdekin's book will be particularly valuable to many readers."
-James R. Barth, Auburn University
"There are many books on China, but few intelligent ones on the Chinese financial market. Richard Burdekin's work is very timely to fill the gap. For those who want to understand issues on Chinese monetary policy, equity markets, banks, and the exchange rate, this book provides comprehensive coverage."
- Baizhu Chen, Gordon S. Marshall School of Business, University of Southern California
"An invaluable source of information on the evolution of China's monetary institutions from the 1930s until the present, and on the future path of reform."
-James A. Dorn, Cato Institute, Washington, D.C.; coeditor of China's Future: Constructive Partner or Emerging Threat?
"Burdekin's careful research provides valuable insight into a number of current policy issues facing China and the global economy and illustrates several fascinating historical episodes. One finds that today is not the first time that pegging exchange rates has generated serious macroeconomic problems for China's economy."
-Thomas Willet, Dean, School of Politics and Economics, Claremont Graduate University
Despite the People's Republic of China's remarkable growth over the post-1978 reform period, questions have arisen about the sustainability of its exchange rate policy and the soundness of its financial system. This book focuses on the key monetary challenges to China's continued advancement and addresses such topical issues as the buildup of foreign exchange reserves, monetary control, credit allocation difficulties, and the expanding role of China's asset markets and stock exchanges.