Regional Exchange Rate Coordination Mechanism in East Asia——Based on the Comparison with the Nominal Effective Exchange Rate Stability under Different Exchange Rate Regimes
WANG Qian1, WANG Yu2
1.School of Finance ,XinJiang University of Finance and Economics , Urumqi 830012,China; 2.Economics and Management School of Wuhan University & China Huarong Asset Management Corporation，Beijing 100033, China
Abstract：
Based on the Scenarios Simulation on different exchange rate regime, such as US dollar pegging, G3 is pegging, AMU pegging, G3+1 pegging. The paper compares the difference between the stability of each currencies’ nominal effective exchange rate under different exchange rate regimes and evaluates the exchange rate coordination mechanism in East Asian .At present ,each country pegs its currency to a basket consisting of regional currencies and extra-regional currencies . As RMB regionalization makes a progress, the East Asia currencies (excluding China, Japan) take RMB as one of the anchor currencies , and the weight of RMB increase gradually; With the maturity of both internal and external condition, the common currency pegging in sub-regional is an option with regional expansion. It is believed that RMB will play an important role at the different stages in exchange rate coordination.
WANG Qian WANG Yu.Regional Exchange Rate Coordination Mechanism in East Asia——Based on the Comparison with the Nominal Effective Exchange Rate Stability under Different Exchange Rate Regimes [J] Economic Survey, 2012,V1(5): 58-62
2012 
