Policy Adjustments Required to Balance China’s International Payments

LU Feng（ 1 卢锋 )
Editorial note：

China’s balance of international payments has registered twin surpluses on a continuous basis, with the twin surpluses and foreign exchange reserves expanding on a larger magnitude in recent years. China’s foreign exchange reserves at the 2006 yearend reached the historical milestone of US$ 1 trillion. What are the roots of China’s twin surpluses? What are the implications of the ballooning twin surpluses and foreign exchange reserves on China’s economic operations? What is the relationship of China’s twin surpluses to RMB exchange rates? In this paper, the author addresses each of the above questions.

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