Polityka kursowa Chin jako instrument realizacji proeksportowej strategii wzrostu gospodarczego
China's Exchange Rate Policy as an Instrument of the Export-led Growth Strategy

Summary/Abstract: China's exchange rate policy is an instrument of the export-led growth strategy. It boosts price competitiveness of Chinese exports and, as a consequence, leads to GDP growth and substantial current account surplus. On the other hand, China's exchange rate policy constitutes a source of substantial costs and risks for Chinese as well as global economy. It leads to rosing inflation rate due to the fact that only a friction of money supply increase resulting from foreign exchange market interventions is curtailed. China has also become an important source of excessive liquidity in the global economy that resulted in lower interest rate and global financial crisis 2007-2009.

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