Cover -- Contents -- Preface -- Acknowledgments -- Introduction -- Chapter 1 Evolution of China's Exchange Rate Regime in the Reform Era -- Transition to an Equilibrium Exchange Rate -- Developments since Mid-2005 -- Chapter 2 Challenges Facing the Chinese Authorities under the Existing Currency Regime -- Independence of Monetary Policy -- Rebalancing Economic Growth -- Potential Effects of Renminbi Appreciation on China's Banking System -- External Adjustment, Global Imbalances, and the Rising Risk of Protectionism -- Chapter 3 Policy Implications and Options -- The Stay-the-Course Strategy -- The Three-Stage Approach -- References -- Index.