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B. China pegged its currency at 8.28 yuan per US dollar from 1995 to 2005. At the same time, the People's Bank of China

B. China pegged its currency at 8.28 yuan per US dollar from 1995 to 2005. At the same time, the People's Bank of China (the Chinese central bank) enjoyed an independent monetary policy. In order to maintain these two goals, China imposed capital control. What would have happened in the absence of capital control? (2 marks)

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