Goldstein and Lardy (both of the Peterson Institute) present nine chapters exploring China's exchange rate policy. Following an overview of key issues, chapters discuss monetary policy independence, the currency regime, and the capital account in China; imbalances in China's growth; estimates of the equilibrium exchange rate of the renminbi; the management of China's international reserves; the US Congress and the Chinese renminbi; the influence of the renminbi on the exchange rate policies of other Asian countries; and International Monetary Fund surveillance over China's exchange rate policy. The volume earns the word "debating" in its title by including separate commentaries after every chapter. Annotation 2008 Book News, Inc., Portland, OR (booknews.com)
