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State Administration of Foreign Exchange (2017) The Notice of the People’s Bank of China on the Management of the Inter-Bank Foreign Exchange Market Transaction and the Bank Listing Exchange Rate (July 2014). (In Chinese) http://www.safe.gov.cn/

has been cited by the following article:

• TITLE: Exchange Market Pressure in China: A Re-Examination Based on Girton-Roper Monetary Model

  AUTHORS: Xiangsheng Dou

  KEYWORDS: Exchange Market Pressure, Exchange Rate, Foreign Exchange Reserves

  JOURNAL NAME: Theoretical Economics Letters, Vol.7 No.5, August 2, 2017

  ABSTRACT: For China’s inefficient foreign exchange market, as the foreign exchange market is difficult to clear in time, so the foreign exchange market pressure always exists. Therefore, the in-depth study and discussion of China’s foreign exchange market pressure issue has important practical significance. This paper applies Lance Girton and Don Roper’s monetary model of exchange market pressure to China’s experience. The purpose of this paper is mainly to test whether the excess supply of money in China can be absorbed by some combination of the change in exchange rate and the change in foreign reserves. The results of empirical analysis indicate that the basic theoretical proposition is accordant with the practice.