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《The Journal of World Economy》 2006-11
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Twin Surplus in China:Reflections on China's One Trillion Dollar Foreign Exchange Reserves

Lu Feng  
This paper examines the evolution,characteristics and causes of the“twin surplus”phenomenon in China. Twin surplus serve a crucial factor for the long run changes in the RMB real exchange rate.We explain the im- balances in China's balance of payment and associated disequilibrium for the RMB real exchange rate in 1998 -2005.We also briefly comment on a future prospects in which the emerging excessive scale of foreign ex- change reserves in China introduce the growing pressure to reduce the size of foreign exchange reserves and ap- preciate the RMB real exchange rate in the coming future.
【CateGory Index】: F832.6
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