National Bureau of Economic Research (NBER)
Jonathan Northcroft, Waldemar Januszczak, Richard Clayton, Hala Jaber, Red Liddle, John Dugdale, William Kay, Francis Beckett, Terry Pratchett, Matthew Wall, John Finnett, Joan Bakewell, Aminatta Forna, Barbara Hall, Joanathan Leake, David Mills, Jim Munro, Peter Whittle, Helen Davies, Sally Brock, Rob Hughes, V S, Jan Masrers, Professor Gideon Garter, Amanda Ursell, Robin Eggar, Adam Zamoyski, Ken Booth, Frank Whitford, Ivo Tennant, Nicola Venning, Kathryn Cooper, Dom Joly, Andrew Taylor, Peter Salter, P D, Tim Richards, David Cracknell Political Editor, Edward Brovarski, John Parcy, Neil Wormald, Darrell Greco Singel, E P, Alison Kervin, Martin Brundle, Clive Davis, Hove Albion, Crewe Alexandra, K R, C D, Joseph Dunn, Dominic Bradbury, John Dugdate, Simon Wilde, D C, Martin James, Tom Walker, Robert Winnett, Mike Russell, Irwin Stelzer, Adrian Furnham, Matt Rudd, Robert Hewison, Peter Wilson, Frank Halliwell, Kathy Reichs, Rosie Millard, David Dougill, Charles Nicholl, Warren Shore, John Clarke, Walter Allwright, Christopher Hart, Robert Winnett Whitehall Correspondent, Frank Graham, David Hewson, Dafydd Goff, Cally Law, Craig McLean, Jonathon Carr-Brown, Hugh Mcllvanney, Hugh Canning, Hugh MaManners, Jeremy Clarkson, Joanna Briscoe, Edward Porter, Victoria Segal, Giles Chapman, Michael Portillo, S L, Alexander Jenkins, Wendy Sloane, Sarah Dempster, Brighton, Dave Pollard, Kevin Jackson, Richard Fletcher, Greg Struthers, Olga Korbut, Max Clifford, Simon Rogerson, Brian Wildey, Justin Lanager, Andrew Porter Deputy Political Editor, Dan Drillsma-Milgrom, Holly Watt, Paul Donovan, Steve Waugh, Geoff Fairhurst, Edward Gorman, Giles Hattersley, Michael Cole, Chris Woodhead, Simon Mills, Jasper Gerard, Paul Driver, John Follain, Richard Brooks, Dan Austin, Stuart Andrews, Shelley Von Strunckel, Carol Loeb Shioss, David Leppard, Paul Durman, David Meredith, Lisa Grainger, Mark Edwards, Rachel Bridge, Heston Blumenthal, Susan Clark, Sarah Kate Templeton Medical Correspondent, Phil Baker, Charles R Cross, Joseph Dun, Hugo Barnacle, Jason McAteer, Lois Rogers, Helen Willer, Alan Combes, Peter Mate, Dieter Arnold, Tim Mickleburgh, C L, P W, K H, Raymond Keene, Rod Liddle, David Enders, John Rummel, David Cracknell, Cosmo Landesman, Jan Batties, Marie Colvin, Richard Jolly, Kate Morris, Christopher Smallwood, Sally Gardner, Alice Douglas, Emma Smith, G McLean, Stephen Jones, Hanley Swan, Dominic O'Connell, Louise Armitstead, Blower Spindle, Stephen Bleach, John Carlin, Barry Denton-MacLennan, Domonic O'Connell, Adrienne Connors, Chris Hitchings, Lucy Atkins, Peter Boyle, Amanda Blinkhorn, Tim Moorey, Galina Breckhovnova, Caroline Donald, Rob Ryan, Jessica Brinton, David Walsh, Caroline Gascoigne, Talib Choudhry, Bryan Appleyard, Sarah Keenlyside, Stephen Armstrong, John Elliott, Colin McDowell's, M L, Leonie Parches, Bethan Cole, Jonathan Leake Environment Editor, Andrew Burnet, Richard Woods, Lynne Kelleher, Roland White, Paul Chesters, Michael Sheriden, N R, Sarah Kate Templeton, Johnny Depp, Abul Taher, Rose Shephered, Shane Watson, Richard Brooks Arts Editor, Rosemary Irving, Yuba Bessaoud, Jeff Green, Mark Franchetti, Richard Rae, Ray Hutton, Jon Ungoed-Thomas, Shelley Spendfield, Matthew Adams, Jonathan Leake, Monica Grenfell, M E, Katharine Hibbert, Michael Sheridan, Clare Francis, Michael Smith, John Harlow, Simon Brooke, Chris Haslam, Dipesh Gadher, Mark Kleinman, Dave Parr, John Waples, Hunter Davies, Dave Mackay, A A Gill, Matthew Campbell, James Curry, Brian Glanville, Simon Jenkins, Chris Alcock, Deirdre Fernand, Jonathan Carr-Brown, Jessica Bown, Jonathan Leake Science Editor, Stephen Pettitt, T L, Claudia Croft, Ipswich Town, R H, Tom Pattinson, Douglas Rogers, Liam Clarke, Nigel Powell, Andrew Wilson, Roger Dobson, Aatish Taseer, Hazel Courteney, D MacGregor, Ben Dowell, Minette Marrin, Simon Buckland, John Aizlewood, Bramall Lane, Michael Clower, Mark Hodson, Ian Hollingshead, Joe Lovejoy, Jonathan Futrell, Andrew Frankel, Dave McDonald, David Budworth, Hugh Pearman, Graham Norwood, David Calrns, Robert Service, Stewart Mitchell, Stephanie Clark, Robert Randell, Sarah Baxter, Brian Schofield, Alice Jones, Joanna Simon, Matthew Goodman, India Knight, Ed Hughes, Richard Lewis, Helen Stewart,
... China revaluation China's decision to unpeg the renminbi from the dollar will have repercussions around the ... to cash in on the float of the renminbi Kathryn Cooper looks at tactics for investors who ...
2005 - Gale Group | Sunday Times HA GDA
Hyoung‐kyu Chey, Minchung Hsu,
... burgeoning research on the internationalization of the Chinese renminbi, there has been surprisingly little systematic analysis of how the renminbi is actually used in foreign markets. This study provides a cross-country analysis of renminbi use in offshore foreign exchange markets, with special ... by China and foreign states to promote the renminbi’s international use. We find that a country’s participation in the Renminbi Qualified Foreign Institutional Investor scheme (which expands its renminbi investment opportunities) and its establishment of an offshore ...
Tópico(s): Islamic Finance and Banking Studies
2020 - University of California Press | Asian Survey
Hyoung‐kyu Chey, Geun‐Young Kim, Dong Hyun Lee,
Abstract The internationalisation of the Chinese renminbi has taken a path distinct from most cases involving previous international currencies, in that policy measures adopted by governments have played crucial ... to introduce three primary policy infrastructures to support renminbi use—renminbi swap lines, Renminbi Qualified Foreign Institutional Investor quotas and renminbi clearing banks. Our analysis shows that a state holding renminbi assets among its reserves or having more developed ... establish a higher level of policy infrastructure supporting renminbi use. We also find that a country's ...
Tópico(s): Fiscal Policies and Political Economy
2019 - Wiley | World Economy
National Bureau of Economic Research (NBER)
Since the formal launch of the renminbi trade settlement scheme in 2009, renminbi internationalization has made impressive inroads. The progress in renminbi trade settlement is especially impressive. However, Hong Kong, China’s offshore renminbi deposits failed to make significant progress as expected. The question of how far renminbi internationalization can go has become a common concern ... PRC) trade and the convenience of using the renminbi for transaction settlements is one contributing factor, but ...
Tópico(s): Monetary Policy and Economic Impact
2014 - RELX Group (Netherlands) | SSRN Electronic Journal
National Bureau of Economic Research (NBER)
... pp. 148-164 (2013) Open AccessADB Distinguished Lecture Renminbi Internationalization: Tempest in a Teapot?Barry EichengreenBarry EichengreenADB ... to Librarian ShareShare onFacebookTwitterLinked InRedditEmail Internationalization of the renminbi is a stated goal of the Chinese government, ... of capital losses on its foreign security holdings. Renminbi internationalization is part and parcel with Chinese leaders' ... center status within ten, at which time the renminbi will be a leading international and reserve currency. ...
Tópico(s): Banking stability, regulation, efficiency
2013 - The MIT Press | Asian Development Review
National Bureau of Economic Research (NBER)
Mattias Vermeiren, Sacha Dierckx,
... dollar by promoting the international role of the renminbi and developing liquid financial markets. Since it would ... Capital Account Liberalization and the Role of the Renminbi, Peterson Institute for International Economics, Working Paper Series ... Capital Account Liberalization and the Role of the Renminbi, p 5. 56 N Borst, ‘Are Chinese banks ... Helleiner & A Malkin, ‘Sectoral interests and global money: renminbi, dollars and the domestic foundations of international currency ... Capital Account Liberalization and the Role of the Renminbi; Pettis, ‘The global struggle over savings’; and Shih, ‘“ ...
Tópico(s): State Capitalism and Financial Governance
2012 - Taylor & Francis | Third World Quarterly
National Bureau of Economic Research (NBER)
Ligang Liu, Laurent L. Pauwels,
... paper investigates whether external political pressure for faster Renminbi appreciation affects both the daily returns and the conditional volatility of the Renminbi central parity rate. We construct several political pressure indicators pertaining to the Renminbi exchange rate, with a special emphasis on the ... pressure does not have a significant influence on Renminbi's daily returns. However, evidence suggests that political ... significant impacts on the conditional volatility of the Renminbi. Furthermore, we conduct the same exercise on the ...
Tópico(s): Financial Risk and Volatility Modeling
2012 - Elsevier BV | Journal of International Money and Finance
National Bureau of Economic Research (NBER)
... in the global economy, China's currency, the renminbi (RMB), has also captured growing attention from investors ... I briefly discuss three significant issues concerning the renminbi--namely, the near-term direction of the exchange rate, the renminbi's convertibility in the medium term, and the ... of greater exchange rate flexibility. Since then the renminbi's annual nominal appreciation has averaged about 5 ... trade-weighted basis, however, the appreciation of the renminbi has been almost negligible. What will happen next? ...
Tópico(s): Global Financial Crisis and Policies
2008 - Cato Institute | Cato Journal
Robert N. McCauley, Chang Shu,
This study investigates how variation in Chinese authorities’ renminbi management since the August 2015 exchange rate reform ... onto variation in the co-movement between the renminbi with regional and other emerging market currencies. We ... most multilateral, making it possible to discern a renminbi zone in this period. By contrast, the decline ... 2017 leaves it premature to speak of a renminbi bloc. The dependence of the co-movements on renminbi management has important implications for renminbi internationalisation.
Tópico(s): Market Dynamics and Volatility
2018 - Elsevier BV | Journal of International Money and Finance
Edwin L.‐C. Lai, Xiangrong Yu,
... trade invoicing and evaluates the potential of the renminbi for the denomination of cross‐border transactions in ... country. This ratio is very small for the renminbi compared with the ratios for established international currencies. Our quantitative analysis suggests that the renminbi can be a major invoicing currency in the ... sector. We also draw a parallel between the renminbi and the euro and forecast the invoicing share of the renminbi in the Asia‐Pacific region if the renminbi market attained the same degree of thickness as ...
Tópico(s): Global trade and economics
2014 - Wiley | World Economy
... about the prospects of China’s currency, the renminbi, range from the view that it is on ... of recent academic studies have pointed to the renminbi’s rising importance in the international monetary system, although these studies are divided on the renminbi’s prospects of becoming a dominant global reserve ... the world’s five largest economies, China’s renminbi is the only one that is not a ... steps to increase the international use of the renminbi. Given China’s rising shares of global GDP ... traction and portend a rising role for the renminbi in global trade and finance.
Tópico(s): Monetary Policy and Economic Impact
2013 - Cato Institute | Cato Journal
R. Craig, Changchun Hua, Philip Ng, Raymond Wai Pong Yuen,
Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital ... addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account ... integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds ... much of the divergence in onshore and offshore renminbi exchange rates.To address the second question, the ... been used to promote offshore use of the renminbi more actively in the wake of the global ...
Tópico(s): Market Dynamics and Volatility
2013 - International Monetary Fund | IMF Working Paper
R. Craig, Changchun Hua, Philip Ng, Raymond Wai Pong Yuen,
Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital ... addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account ... integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds ... much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the ... been used to promote offshore use of the renminbi more actively in the wake of the global ...
Tópico(s): Global Financial Crisis and Policies
2013 - RELX Group (Netherlands) | SSRN Electronic Journal
... promoting the international use of its currency, the renminbi. Historical experience suggests that an active offshore market ... the role of offshore markets in pushing the renminbi currency to the world. One should not, however, ... of the currency, the overseas acceptance of the renminbi is ultimately determined by both internal and external ... factors. With its relatively small size, the offshore renminbi is not likely to pressure the PRC and ... its financial liberalization policy. A well-organized offshore renminbi market will complement the PRC's renminbi internationalization ...
Tópico(s): Global trade and economics
2014 - RELX Group (Netherlands) | SSRN Electronic Journal
Edwin L.‐C. Lai, Xiangrong Yu,
... trade invoicing and evaluates the potential of the renminbi for the denomination of cross-border transactions in ... country. This ratio is very small for the renminbi compared with that for established international currencies. Our quantitative analysis suggests that the renminbi can be a major invoicing currency in the ... sector. We also draw a parallel between the renminbi and the euro and forecast the invoicing share of the renminbi in the Asia-Pacific region if the renminbi market attained the same degree of thickness as ...
Tópico(s): Fiscal Policy and Economic Growth
2014 - RELX Group (Netherlands) | SSRN Electronic Journal
... crisis and relates it to developments in the renminbi markets. The connectedness measure developed by Diebold and ... dollar currency pairs of 12 currencies, namely offshore renminbi, onshore renminbi, euro, yen, Australian dollar, Indian rupee, Korean won, ... China's exchange rate system, shocks from the renminbi markets contribute more to fluctuations in almost all ... Asia Pacific currencies exhibit tighter association with the renminbi when the latter underwent exchange rate regime reform. ... varying sensitivities of Asia Pacific currencies to the renminbi are directly related to the countries' trade and ...
Tópico(s): Monetary Policy and Economic Impact
2020 - Wiley | International Journal of Finance & Economics
Rasmus Fatum, Yohei Yamamoto, Guozhong Zhu,
... market uncertainty and the relative value of the Renminbi in the offshore market against currencies that the ... market uncertainty and the relative value of the Renminbi is frequency dependent. While we find evidence of ... degree of safe haven currency behavior of the Renminbi during the early part of our sample, our findings do not support the suggestion that the Renminbi is currently a safe haven currency or that the Renminbi is progressing towards safe haven currency status.
Tópico(s): Monetary Policy and Economic Impact
2017 - Elsevier BV | Journal of International Money and Finance
... Recent measures taken by China to internationalize its renminbi, including several bilateral swap agreements signed with other ... economy. In this paper, China’s acceleration of renminbi internationalization is examined. The growth of renminbi-based trade and settlements has made it Asia’ ... of necessity or choice, the emergence of the renminbi in Asia is set to weaken the current ... makes the case that the growth of the renminbi as an international currency could generate a multipolar ...
Tópico(s): State Capitalism and Financial Governance
2014 - | Journal of Self-Governance and Management Economics
Abstract Most studies of renminbi internationalization focus on the supply side, by examining China's own economic and political conditions. In contrast, this study addresses the demand side of renminbi internationalization, by providing an in‐depth analysis of renminbi use in ordinary foreign economies from both economic ... study finds that sustainable indigenous market forces facilitating renminbi use in South Korea remain weak, despite the ... new domestic support for greater use of the renminbi. These findings ultimately highlight the significant impact on ...
Tópico(s): Fiscal Policies and Political Economy
2015 - Wiley | China & World Economy
Hong Kong Institute for Monetary and Financial Research,
... of achieving full convertibility for the Chinese currency, Renminbi (RMB), and its impact on the economies of ... Hong Kong. It focuses on the sequencing of Renminbi's full convertibility, clarifying the different concepts of ... Organization (WTO) will surely drive the course of Renminbi's full convertibility. However, the Renminbi may not become a fully convertible currency within ... process is needed for the full convertibility of Renminbi.
Tópico(s): Global Financial Crisis and Policies
2002 - RELX Group (Netherlands) | SSRN Electronic Journal
Xinyu Wu, Haibin Xie, Huanming Zhang,
... the relation between time-varying risk aversion and renminbi exchange rate volatility using the conditional autoregressive range- ... negative effect on the long-run volatility of renminbi exchange rate. Moreover, we observe that both intraday ... varying risk aversion contain important information for forecasting renminbi exchange rate volatility. The range-based CARR-MIDAS ... provides more accurate out-of-sample forecasts of renminbi exchange rate volatility compared to a variety of ... and time-varying risk aversion for forecasting the renminbi exchange rate volatility.
Tópico(s): Monetary Policy and Economic Impact
2022 - Elsevier BV | The North American Journal of Economics and Finance
... This paper attempts to answer whether the Chinese renminbi will eclipse the dollar, what will be the ... findings to the current context suggests that the renminbi could become the premier reserve currency by the ... to create deep and liquid markets – to realize renminbi preeminence. China seems to be moving steadily in that direction, and renminbi convertibility will proceed apace not least because it ...
Tópico(s): Economic Theory and Policy
2011 - RELX Group (Netherlands) | SSRN Electronic Journal
... nature of exchange rate co-movements between the Renminbi and a set of seven East Asian currencies ... across different depreciation and appreciation regimes. Second, the Renminbi can act as a transition variable that provides ... pressures, the results yield robust evidence of the Renminbi’s rising role in East Asia as a ... that regional currencies tend to overreact when the Renminbi depreciates and underreact when it appreciates, suggesting that ...
Tópico(s): Market Dynamics and Volatility
2018 - Elsevier BV | Journal of International Money and Finance