Currency co-movements in Asia-Pacific : The regional role of the Renminbi

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Title: Currency co-movements in Asia-Pacific : The regional role of the Renminbi
Author: Marconi, Daniela
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 10/2017
Year of publication: 2017
Publication date: 13.6.2017
Published in: Published in Pacific Economic Review, 23, 2, 2018, 150–163
Pages: 23
Subject (yso): valuuttakurssit
Keywords: Bofit-kokoelma; Kiina; Aasia
JEL: F31; F33
Other keywords: exchange rates; Asia-Pacific; renminbi; China
Abstract: The internationalization of China’s currency, the renminbi (RMB) bolsters the growing economic and political influence of China in the Asia-Pacific region. This paper assesses the evolution of RMB exchange rate co-movements against the US dollar (USD) within the region. While the RMB’s influence is growing, it is also found to be asymmetric and varying over time depending on the global movement of the USD. The trend is strong when the USD depreciates, but fades when the USD appreciates.
Rights: https://helda.helsinki.fi/bof/copyright


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