One Currency, Two Markets: The Renminbi's Growing Influence in Asia-Pacific
Abstract
This study presents evidence of the renminbi’s growing influence in the Asia-Pacific region. The CNH market – the offshore renminbi foreign exchange market in Hong Kong SAR – is found to exert an effect on Asian currencies that is distinct from that of the onshore (CNY) market. Changes in the RMB/USD rates in both markets have a statistically and economically significant impact on changes in Asian currency rates against the US dollar, even after...
Paper Details
Title
One Currency, Two Markets: The Renminbi's Growing Influence in Asia-Pacific
Published Date
Jan 1, 2014
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