This study attempts to answer the question why the Chinese currency has not been devalued since the onset of the East Asian crisis, and whether there are any strong pressures on the Chinese economy that are likely to lead to a devaluation in the near future. To provide answers, we first comment on the causes of the East Asian crisis before clarifying several misperceptions about the characteristics of the Chinese economy. ... We expect the overall impact of East Asias crisis on the Chinese economy to be modest and manageable.
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