Contents

Special Column on RMB Exchange Rate

Perspectives on the RMB Depreciation under the New Exchange Rate Formation Mechanism by Tu Yonghong

RMB—A Maturing Currency by Herbert Poenisch

Weak Transmission, New Trend: The Influence of Internationalization of RMB Exchange Rate on China's Bond Market by Sun Chao and Zhang Rui

Commentary

The Twists and Turns of the Greenback by Steve H. Hanke

Rerun of Dollar Unilateralism by David Marsh

Mastering the Challenges of Enlarged Mandates by Andrew Large

In Defence of Monetary Financing by Riaz Riazuddin

Working Paper

Institutional Ownership and Private Equity Placements: Evidence from Chinese Listed Firms by He Qing, Li Dongxu, Lu Liping and Terence Tai Leung Chong

Measuring Latin America’s Export Dependency on China by Carlos Casanova, Romina Ferreira and Xia Le

Social Status, Labor-Market Frictions and Endogenous Growth by Chen Hung-Ju, Liu Dongpeng and Liu Xiangbo

Openness and Financial Development in China: The Political Economy of Financial Resources Distribution by Luo Yu, Zhang Chengsi and Zhu Yueteng

IMI News