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Recent RMB Policy and Currency Co-Movements
| Content Provider | Semantic Scholar |
|---|---|
| Author | McCauley, Robert N. Shu, Chang |
| Copyright Year | 2018 |
| Abstract | This study investigates how variation in the determinants of the renminbi's daily fixing since the August 2015 exchange rate reform maps on to variation in the co- movement of 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. The co-movement with regional and Latin American currencies peaked in the basket period, when the daily fixing was most predictable and multilateral. By contrast, the decline in co-movement in the countercyclical management period between May and July 2017 leaves it premature to speak of a renminbi zone. The dependence of the co-movements on renminbi management has important implications for renminbi internationalisation. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.bis.org/publ/work727.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
