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Recent renminbi policy and currency co-movements
| Content Provider | Semantic Scholar |
|---|---|
| Author | McCauley, Robert N. Shu, Chang |
| Copyright Year | 2019 |
| Abstract | Abstract This study investigates how variation in Chinese authorities’ renminbi management since the August 2015 exchange rate reform maps onto variation in the co-movement between the renminbi with regional and other emerging market currencies. We first identify three post-reform periods of RMB management: transition, basket management and countercyclical management. Across these periods, the reaction of the official “fixing” rate to market movements differed significantly. The co-movement with regional and Latin American currencies peaked in the basket period, when the management was most multilateral, making it possible to discern a renminbi zone in this period. By contrast, the decline in co-movement in the countercyclical management period since May 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. |
| Starting Page | 444 |
| Ending Page | 456 |
| Page Count | 13 |
| File Format | PDF HTM / HTML |
| DOI | 10.1016/j.jimonfin.2018.03.006 |
| Alternate Webpage(s) | http://isiarticles.com/bundles/Article/pre/pdf/93297.pdf |
| Alternate Webpage(s) | https://doi.org/10.1016/j.jimonfin.2018.03.006 |
| Volume Number | 95 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
