Asian Journal of Business Ethics

, Volume 1, Issue 1, pp 79-87

First online:

An ethical analysis of economic issues related to the appreciation of Renminbi

  • Wei YangAffiliated withShanghai Academy of Social Sciences
  • , Kit-Chun Joanna LamAffiliated withHong Kong Baptist University Email author 


Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Because of the balance of payments surplus, China has accumulated a large amount of foreign exchange reserves, and there is much pressure on the Renminbi (RMB) to appreciate. The appreciation of RMB has raised a series of intertwining economic and ethical concerns in China. This paper is an inter-disciplinary study to illustrate the inter-relationship between economics and ethics. We analyze the major economic factors affecting the trend of exchange rate of RMB and the effects of its appreciation. We then discuss the ethical implications of the appreciation and conclude with some policy suggestions to address the economic and the ethical concerns.


Economic ethics Renminbi Exchange rate Appreciation