Die Problematik fester Wechselkurse am Beispiel des Dollar-Renminbi-Kurses. Zur Praxis der chinesischen Währungspolitik
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Bachelorarbeit aus dem Jahr 2006 im Fachbereich VWL - Geldtheorie, Geldpolitik, Note: 1,3, Georg-August-Universität Göttingen (Institut für Internationale und Monetäre Ökonomik), Sprache: Deutsch, Abstract: Das Erstarken der Wirtschaftsleistung der Volksrepublik China ist eng verknüpft mit der seit 1994 de facto bestehenden Fixierung der chinesischen Währung Renminbi an den US-Dollar. Sowohl der Exportsektor als auch die Attraktivität des Standortes China für ausländische Investoren profitieren in herausragender Weise von der durch die Fixierung induzierten Stabilität der Währung und der damit verbundenen Planungssicherheit. Die ins Land flie enden Direktinvestitionen beschleunigen den technologischen Aufholprozess, der florierende Au enhandel ist noch immer das wichtigste Standbein der chinesischen Volkswirtschaft. Die Eignung der Währungsanbindung für den staatlich geplanten Aufstieg war vor allem zu Beginn der wirtschaftlichen Öffnung weitgehend unbestritten. Die steigende Integration Chinas in die Weltwirtschaft und die permanent zu verzeichnenden Zahlungsbilanzüberschüsse legen in den letzten Jahren allerdings zunehmend die Schwächen und Risiken des Festkurssystems offen. Die enormen Dollarreserven setzen den Renminbikurs einem starken Aufwertungsdruck aus. Die zur Vermeidung von Preisanpassungen implementierte Politik der Geldmengensterilisation ist nur mittels repressiver und regulierender Ma nahmen durchsetzbar und mit hohen Kosten verbunden. Aus dem Ausland mehrt sich Kritik an der Praxis der Währungspolitik der chinesischen Zentralbank, da der durch das Währungsregime unterbewertet gehaltene Renminbi vielfach als unlauterer Wettbewerbsvorteil der chinesischen Exportindustrie interpretiert wird. Auch binnenwirtschaftlich ergeben sich vielfältige Probleme. Mit zunehmender Öffnung wächst die Abhängigkeit Chinas von globalen Wirtschaftsentwicklungen und damit das Risiko, von exogenen Schocks getroffen zu werden. Mit dem Verzicht auf den Wechselkurs als makro
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