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OFFSHORE MARKETS (2) answer(s).
 
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ID:   143440


One currency, two markets: the renminbi's growing influence in Asia-Pacific / Shu, Chang; He, Dong ; Cheng, Xiaoqiang   Article
Shu, Chang Article
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Summary/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 – 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, after controlling for other major currency moves and the transmission of China's monetary policy to the region. The continuing growth of the offshore renminbi market points to rising influence of the CNH market, but how long the independent impact will last will likely depend on China's progress in liberalising its capital account. The findings also suggest that China's regional influence is increasingly transmitted through financial channels.
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2
ID:   120839


Renminbi internationalisation and China’s financial development / McCauley, Robert N   Journal Article
McCauley, Robert N Journal Article
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Publication 2013.
Summary/Abstract There is a widespread view that China's currency can be used in international markets only after the liberalisation of China's domestic financial markets and the opening of its capital account. Yet evidently the renminbi's internationalisation is preceding these so-called preconditions. This article assesses the tensions inherent in renminbi internationalisation starting at a transitional period in China's financial development. For now, effective capital controls allow the Chinese authorities to retain regulated deposit and lending rates, quantitative credit guidance and bond market rationing. Relaxation of the capital controls would put these policies at risk. Reserve requirements can be extended to bank inflows from the offshore market but only at a price.
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