3 here3 here5 here5 herehereChapter 6: The Big Cycle of China and Its Currency2020-10-09Journal5 here3 here
\[10\] I produced the diagram to apply this template to Chinese monetary history through working with Professor Jiaming Zhu.
\[11\] For instance, the devaluations in 1985-86 and 1993 came after a period of opening up trade and an expansion in Special Economic Zones. These openings created immense demand for foreign FX and imports to build production capacity—but it would still be a couple more years until those SEZs yielded much higher exports. That mismatch contributed to growing current account deficits.