RMB Internationalization: Onshore/Offshore Links
Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China's large economic size, diversified trade structure and network, macroeconomic stability, and high growth rates - both current and expected. Yet, foreign access to RMB-denominat...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
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Schriftenreihe: | IMF Working Papers
Working Paper No. 12/133 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China's large economic size, diversified trade structure and network, macroeconomic stability, and high growth rates - both current and expected. Yet, foreign access to RMB-denominated assets that could act as global stores of value remains limited due to extensive restrictions on capitals flows. At the same time, the rapid expansion of RMB trade settlement and issuance of RMB-denominated bonds by the Chinese government and corporates in Hong Kong, SAR have created some feedback channels across onshore (CNY) and offshore (CNH) RMB markets. We employed a bivariate GARCH model to understand the inter-linkages between onshore and offshore markets and found that, while developments in the onshore spot market exert an influence on the offshore spot market, offshore forward rates have a predictive impact on onshore forward rates. We also find evidence of volatility spillovers between two markets. Overtime, those spillover channels would be expected to grow as the offshore market further develops |
Beschreibung: | 1 Online-Ressource (36 p) |
ISBN: | 1475503830 9781475503838 |
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illustrated | Not Illustrated |
index_date | 2024-07-03T20:13:17Z |
indexdate | 2024-07-10T09:35:24Z |
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record_format | marc |
series2 | IMF Working Papers |
spelling | Maziad, Samar Verfasser aut RMB Internationalization Onshore/Offshore Links Maziad, Samar Washington, D.C International Monetary Fund 2012 1 Online-Ressource (36 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/133 Among emerging market currencies, the RMB holds the most potential to become widely used internationally, due to China's large economic size, diversified trade structure and network, macroeconomic stability, and high growth rates - both current and expected. Yet, foreign access to RMB-denominated assets that could act as global stores of value remains limited due to extensive restrictions on capitals flows. At the same time, the rapid expansion of RMB trade settlement and issuance of RMB-denominated bonds by the Chinese government and corporates in Hong Kong, SAR have created some feedback channels across onshore (CNY) and offshore (CNH) RMB markets. We employed a bivariate GARCH model to understand the inter-linkages between onshore and offshore markets and found that, while developments in the onshore spot market exert an influence on the offshore spot market, offshore forward rates have a predictive impact on onshore forward rates. We also find evidence of volatility spillovers between two markets. Overtime, those spillover channels would be expected to grow as the offshore market further develops Online-Ausg Kang, Joong Shik Sonstige oth http://elibrary.imf.org/view/IMF001/12830-9781475503838/12830-9781475503838/12830-9781475503838.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Maziad, Samar RMB Internationalization Onshore/Offshore Links |
title | RMB Internationalization Onshore/Offshore Links |
title_auth | RMB Internationalization Onshore/Offshore Links |
title_exact_search | RMB Internationalization Onshore/Offshore Links |
title_exact_search_txtP | RMB Internationalization Onshore/Offshore Links |
title_full | RMB Internationalization Onshore/Offshore Links Maziad, Samar |
title_fullStr | RMB Internationalization Onshore/Offshore Links Maziad, Samar |
title_full_unstemmed | RMB Internationalization Onshore/Offshore Links Maziad, Samar |
title_short | RMB Internationalization |
title_sort | rmb internationalization onshore offshore links |
title_sub | Onshore/Offshore Links |
url | http://elibrary.imf.org/view/IMF001/12830-9781475503838/12830-9781475503838/12830-9781475503838.xml |
work_keys_str_mv | AT maziadsamar rmbinternationalizationonshoreoffshorelinks AT kangjoongshik rmbinternationalizationonshoreoffshorelinks |