China’s banking system has been gradually transformed from a centralized, government-owned and government-controlled provider of loans into an increasingly competitive market in which different types of banks, including several U.S. banks, strive to provide a variety of financial services. Additionally, China’s policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB), against the U.S. dollar and other currencies has become an issue of concern for many in Congress. Critics charge that China’s currency policy is intended to make its exports significantly less expensive, and its imports more expensive, than would occur if the RMB were a freely-traded currency. Since opening up to foreign trade and investment in 1979, China has been one of the world’s fastest-growing economies and has emerged as a major economic and trade power. This book takes a comprehensive look at China’s banking system, currency policy and current economic conditions.
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