The Rmb Exchange Rate

Author : Yin-Wong Cheung,Kenneth K Chow,Fengming Qin
Publisher : World Scientific
Page : 276 pages
File Size : 48,9 Mb
Release : 2016-11-22
Category : Business & Economics
ISBN : 9789814675512

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The RMB Exchange Rate by Yin-Wong Cheung,Kenneth K Chow,Fengming Qin Pdf

Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries. This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency. The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions. The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.

Author : Chen Yulu
Publisher : McGraw Hill Professional
Page : 177 pages
File Size : 42,9 Mb
Release : 2014-05-26
Category : Business & Economics
ISBN : 9780071829908

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Chinese Currency and the Global Economy by Chen Yulu Pdf

From ancient “knife money” to the Renminbi—a fascinating history of Chinese currency Chinese Currency and the Global Economy is an all-encapsulating study of the Chinese monetary system from the historical perspective of global economy and finance. From economic infrastructure to the cultural system and from world events to the domestic scene, author Chen Yulu describes the metamorphosis of the Chinese currency and examines what is entailed in the globalization of Renminbi against the background of world economic multi-polarization. Chen Yulu is an Eisenhower senior visiting fellow and a Fulbright senior scholar. He serves concurrently as president of Renmin University of China, vice-chairman of the China International Finance Association, and deputy secretary general and executive director of the China Society for Finance and Banking.

Author : Jiangze Du,Jying-Nan Wang,Kin Keung Lai,Chao Wang
Publisher : Routledge
Page : 122 pages
File Size : 49,9 Mb
Release : 2017-09-05
Category : Business & Economics
ISBN : 9781351697187

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Chinese Currency Exchange Rates Analysis by Jiangze Du,Jying-Nan Wang,Kin Keung Lai,Chao Wang Pdf

This book provides an overview of Chinese RMB exchange markets and its risk management strategies. The view that RMB is playing an increasingly international role has been widely accepted by practitioners as well as scholars worldwide. Moreover, the Chinese government is opening the control of RMB exchange market step by step. However, some related topics are under heated debate, such as how to manage and warn of the currency crisis, what the trend of RMB exchange rate in the future is, and how to hedge the exchange risk in the process of RMB internationalization. In this book, we will give distinct answers to the above questions.

Author : China Development Research Foundation
Publisher : Routledge
Page : 501 pages
File Size : 45,6 Mb
Release : 2014-12-05
Category : Business & Economics
ISBN : 9781317592433

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China's Exchange Rate Regime by China Development Research Foundation Pdf

The imbalance between China’s currency, the RMB, and those of other countries is widely regarded as a major problem for the world economy. There was a reform of China’s exchange rate mechanism in 2005, following which the RMB appreciated 17% against the US dollar, but many people argue that further reform is still needed. This book reports on a major research project undertaken following the 2005 reform to assess the impact on China’s economy. It considers the impact in a number of areas of the economy, including export-oriented companies, the banking industry, international trade, international capital flows, and China’s macroeconomic policy. It concludes that the policies pursued so far have been correct, and that further reform, both to the exchange rate, and to the system overall, would be desirable, but that any reform should be gradual and incremental, preserving economic stability, and integrating changes with reform in other parts of the economy.

Author : Mr.Sonali Das
Publisher : International Monetary Fund
Page : 31 pages
File Size : 40,9 Mb
Release : 2019-03-07
Category : Business & Economics
ISBN : 9781498302029

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China’s Evolving Exchange Rate Regime by Mr.Sonali Das Pdf

China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.

Author : Yunjie Wei,Shouyang Wang,Kin Keung Lai
Publisher : Routledge
Page : 160 pages
File Size : 52,8 Mb
Release : 2021-05-10
Category : Business & Economics
ISBN : 9781000366679

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Renminbi Exchange Rate Forecasting by Yunjie Wei,Shouyang Wang,Kin Keung Lai Pdf

With the internationalization of Renminbi (RMB), the gradual liberalization of China's capital account and the recent reform of the RMB pricing mechanism, the RMB exchange rate has been volatile. This book examines how we can forecast exchange rate reliably. It explains how we can do so through a new methodology for exchange rate forecasting. The book also analyzes the dynamic relationship between exchange rate and the exchange rate data decomposition and integration, the domestic economic situation, the international economic situation and the public’s expectations and how these interactions would affect the exchange rate. The book also explains why this comprehensive integrated approach is the best model for optimizing accuracy in exchange rate forecasting.

Author : Aaditya Mattoo,Ms.Prachi Mishra,Mr.Arvind Subramanian
Publisher : International Monetary Fund
Page : 39 pages
File Size : 40,9 Mb
Release : 2012-03-01
Category : Business & Economics
ISBN : 9781475516876

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Spillover Effects of Exchange Rates by Aaditya Mattoo,Ms.Prachi Mishra,Mr.Arvind Subramanian Pdf

This paper estimates the impact of China's exchange rate changes on exports of competitor countries in third markets, which we call the "spillover effect". We use recent theory to develop an identification strategy in which competition between China and its developing country competitors in specific products and destinations plays a key role. We exploit the variation - afforded by disaggregated trade data - across exporters, importers, product, and time to estimate this spillover effect. We find robust evidence of a statistically and quantitatively significant spillover effect. Our estimates suggest that a 10 percent appreciation of China's real exchange rate boosts on average a developing country's exports of a typical 4-digit HS product category to third markets by about 1.5-2 percent. The magnitude of the spillover effect varies systematically with product characteristics as implied by theory.

Author : Miaojie Yu
Publisher : Springer Nature
Page : 309 pages
File Size : 52,5 Mb
Release : 2021-01-05
Category : Business & Economics
ISBN : 9789811575228

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Exchange Rate, Credit Constraints and China’s International Trade by Miaojie Yu Pdf

This book, by one of China's leading economists, explores the past and present of the RMB—the people's currency—as it is poised to compete with the dollar as the international reserve currency. Exchange rate movement and its pass-through to changes in domestic prices have been topics of wide concern among economists. However, relatively few studies have empirically investigated the relationship between exchange rate movements and China's international trade.This book fills this gap, using the general equilibrium theory of the western economic science norm systems, integrating the leading heterogeneous firm theory of international trade, attempting to set up a theoretical structural model for further prediction, and applying the data from sample cases to examine the structural model. This book will be of interest to economists, financiers, and China watchers.

Author : Robert Minikin,Kelvin Lau
Publisher : John Wiley & Sons
Page : 212 pages
File Size : 43,7 Mb
Release : 2012-10-26
Category : Business & Economics
ISBN : 9781118339282

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The Offshore Renminbi by Robert Minikin,Kelvin Lau Pdf

The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.

Author : W. Peng,C. Shu
Publisher : Springer
Page : 242 pages
File Size : 53,9 Mb
Release : 2009-11-30
Category : Business & Economics
ISBN : 9780230245785

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Currency Internationalization: Global Experiences and Implications for the Renminbi by W. Peng,C. Shu Pdf

This is the first book to collect academic studies examining issues related to the potential internationalization of the Renminbi. It considers policy implications, documents the rising regional importance of the Renminbi and discusses key issues in the increasing use of the Renminbi in international trade and finance.

Author : Siwei Cheng
Publisher : World Scientific
Page : 396 pages
File Size : 49,7 Mb
Release : 2015-04-29
Category : Business & Economics
ISBN : 9789814644679

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RMB: Towards Internationalization by Siwei Cheng Pdf

RMB: Towards Internationalization takes an in-depth look at the exchange rate regime of China's currency, the RMB, including the arrangements, related policies and management, and corresponding policy recommendations. This is the first book to apply the theories of fictitious economy, complexity science and the principles of international finance to analyze the RMB exchange rate regime. For readers interested in China's economy in general and RMB internationalization in particular, this book provides an entirely new analytical framework on the history and evolution of RMB exchange regime and on its future development. Contents:RMB Internalization is an Irreversible Trend Exchange Rates under the Perspective of Fictitious EconomyThe Choice of Exchange Rate Arrangement — Empirical AnalysisThe Choice of Exchange Rate Arrangement — Case StudyEvolution of the RMB Exchange Rate RegimeThe Determination of a Central Rate for the RMBThe Opening Up of Capital AccountPath to RMB Internationalization Readership: Researchers, economists, finance professionals, analysts, individual investors, monetary and banking authorities in Asia and those who are interested in China's exchange rate regimes and the future of its currency, the RMB. Keywords:RMB;Currency;Exchange Rate;Exchange Rate Regime;China;Capital Account Liberalization;Financial Crisis;Complexity Theory;Fictitious Economy

Author : Yin-Wong Cheung,Kenneth K. Chow,Fengming Qin
Publisher : World Scientific Publishing Company
Page : 264 pages
File Size : 53,7 Mb
Release : 2016-06-30
Category : Business & Economics
ISBN : 9814675490

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The RMB Exchange Rate by Yin-Wong Cheung,Kenneth K. Chow,Fengming Qin Pdf

Introduction -- The chinese economy -- Exchange rate policy -- Rmb valuation -- Rmb internationalization, i -- Rmb internationalization, ii -- Concluding remarks

Author : Xin Li,Dianqing Xu
Publisher : World Scientific
Page : 472 pages
File Size : 50,7 Mb
Release : 2016-02-29
Category : Business & Economics
ISBN : 9789814723978

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From Trade Surplus to the Dispute over the Exchange Rate by Xin Li,Dianqing Xu Pdf

' Since 2005, China has been accused of causing the trade deficit and manipulating the exchange rate. At the same time, there have been arguments against the RMB appreciation. The reason for this conflict is the lack of quantitative research or elaboration on many extremely important indicators. To correctly describe the industrial chain and value-added process around the world, it is necessary to identify data by using new methods and separating the processing trade from the non-processing trade based on the Global Trade Analysis Project (GTAP) data. This book establishes a Global Multi-department Computable General Equilibrium (GMCGE) model based on the continuous global input-output database. It focuses on the Computable General Equilibrium (CGE) model that constructs a consistent interaction mechanism within the economic system and fully reflects the general equilibrium characteristics and thus tries to avoid the limitations of the partial equilibrium model. It shows how the GMCGE framework can distinguish the processing trade from non-processing trade in the input-output data, and at the same time ensure the endogenous equilibrium of the social accounting matrix (SAM) after distinction. Contents:Overestimated Trade SurplusOn Trade Surplus From Property RightsInterpreting the Economic Scale of ChinaForeign Trade Dependence and Trade Weighted MethodThe Standard in Judging the Exchange RateStabilizing the Currency and Manipulating the Exchange RateOrigin and Development of the High Saving RateComputable General Equilibrium Model for Exchange Rate ResearchEffect of the Exchange Rate on EmploymentThe Impact of the Exchange Rate Adjustment on Import and ExportRange and Path of RMB AppreciationEconomic Sanctions and Free TradeThe Debate is Far From Over Readership: Academics, undergraduate and graduate students, professionals interested in China''s economic development, trade surplus and RMB appreciation. Keywords:Trade Surplus;Exchange Rate;Value-Added Trade;CGE Model'

Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
Page : 347 pages
File Size : 41,5 Mb
Release : 2021-07-08
Category : Business & Economics
ISBN : 9781108491686

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One Currency, Two Markets by Edwin L.-C. Lai Pdf

Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

Author : Xiaobing Feng
Publisher : Unknown
Page : 32 pages
File Size : 47,9 Mb
Release : 2006
Category : China
ISBN : STANFORD:36105123150802

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RMB Exchange Rate and Local Currency Price Stability by Xiaobing Feng Pdf