Does the offshore market matter to China's exchange rate policy?

被引：0

作者：

Su, Guanyu ^{[1
]}

Qian, Junhui ^{[1
]}

机构：

[1] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai 200030, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2023年 / 30卷 / 13期

基金：

中国国家自然科学基金;

关键词：

Exchange rate policy; RMB; central parity rate; offshore market; IMPACT;

D O I：

10.1080/13504851.2022.2081661

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The central parity rate (CPR) is a key instrument for the People's Bank of China (PBC) to manage the Renminbi (RMB) exchange rate. The current method of CPR formation rests on a gauge of the 'demand and supply conditions' in the foreign exchange market. But there are two markets for RMB, the onshore market for CNY and the offshore market for CNH. In this article, we study the role of the offshore market in the CPR formation mechanism and find that changes in CNH have statistically significant predictive power on CPR, especially after the '8.11' reform of 2015. This suggests that PBC does consider the conditions in the offshore market as well as those in the onshore market.

引用

页码：1734 / 1737

页数：4

共 50 条

[1] DOES EXCHANGE-RATE POLICY MATTER
GYLFASON, T
[J]. EUROPEAN ECONOMIC REVIEW, 1987, 31 (1-2) : 375 - 381
[2] China's foreign exchange black market and exchange flight: Analysis of exchange rate policy
Ding, JP
[J]. DEVELOPING ECONOMIES, 1998, 36 (01): : 24 - 44
[3] China's exchange rate policy
Xu, YF
[J]. CHINA ECONOMIC REVIEW, 2000, 11 (03) : 262 - 277
[4] China's economic development: does exchange rate and FDI nexus matter?
Ahmad, Fayyaz
Draz, Muhammad Umar
Yang, Su-Chang
[J]. ASIAN-PACIFIC ECONOMIC LITERATURE, 2019, 33 (02) : 81 - 93
[5] China's Monetary Policy and the Exchange Rate
Mehrotra, Aaron
Sanchez-Fung, Jose R.
[J]. COMPARATIVE ECONOMIC STUDIES, 2010, 52 (04) : 497 - 514
[6] China's Monetary Policy and the Exchange Rate
Aaron Mehrotra
José R Sánchez-Fung
[J]. Comparative Economic Studies, 2010, 52 (4) : 497 - 514
[7] Debating China's Exchange Rate Policy
Alfaro, Laura
[J]. JOURNAL OF ECONOMIC LITERATURE, 2009, 47 (01) : 183 - 190
[8] China's exchange rate policy dilemma
Goldstein, M
Lardy, N
[J]. AMERICAN ECONOMIC REVIEW, 2006, 96 (02): : 422 - 426
[9] Coordination of Monetary and Exchange Rate Policy in China: Market Interest Rate Approach
Xu, Bing
He, Qiuqin
Hu, Xiaowen
[J]. JOURNAL OF ADVANCED COMPUTATIONAL INTELLIGENCE AND INTELLIGENT INFORMATICS, 2015, 19 (03) : 456 - 464
[10] On the Exchange Rate Spread of RMB Offshore Market
Ying, Yi-rong
Yang, Ling
Yuan, Fang
[J]. 4TH INTERNATIONAL CONFERENCE ON MATERIALS ENGINEERING FOR ADVANCED TECHNOLOGIES (ICMEAT 2015), 2015, : 717 - 720

← 1 2 3 4 5 →