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Author : Hoe Ee Khor
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.31/5 ( download)
Download or read book China's Foreign Currency Swap Market written by Hoe Ee Khor and published by . This book was released on 1994 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yin-wong Cheung
Publisher : World Scientific
ISBN 13 : 9814675512
Total Pages : 277 pages
Book Rating : 4.12/5 ( download)
Download or read book Rmb Exchange Rate, The: Past, Current, And Future written by Yin-wong Cheung and published by World Scientific. This book was released on 2016-11-22 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Guobo Huang
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.52/5 ( download)
Download or read book Unification of China's Foreign Exchange Rates written by Guobo Huang and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter G. Zhang
Publisher : John Wiley & Sons
ISBN 13 : 0470827408
Total Pages : 242 pages
Book Rating : 4.06/5 ( download)
Download or read book The Chinese Yuan written by Peter G. Zhang and published by John Wiley & Sons. This book was released on 2011-02-15 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward. Key topics include: Overview of current China economy and its capital market In-depth analysis on the China's banking system and foreign exchange system Extensive analysis of on-shore and off-shore financial products in China Explanation of the needs and reasons for RMB products innovation Insights into the internationalization of the RMB Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.
Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
ISBN 13 : 1108491685
Total Pages : 347 pages
Book Rating : 4.86/5 ( download)
Download or read book One Currency, Two Markets written by Edwin L.-C. Lai and published by Cambridge University Press. This book was released on 2021-07-08 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
Author : Yi David Wang
Publisher : Stanford University
ISBN 13 :
Total Pages : 133 pages
Book Rating : 4.81/5 ( download)
Download or read book Three Essays on China's Foreign Exchange Markets written by Yi David Wang and published by Stanford University. This book was released on 2011 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is a compilation of three essays I wrote during my investigation of China's foreign exchange markets. I list the abstract of each in the following paragraphs. Essay 1: Anomaly in China's Dollar--RMB Forward Market Newly-established data on onshore deliverable US dollar--RMB forwards and the Shanghai Interbank Offered Rate from October 2006 to April 2009 reveal significant violations of covered interest rate parity. This paper hypothesizes that these violations are caused by an increase in US dollar-to-RMB conversion restrictions. Given that Chinese monetary authorities want to prevent market participants from taking advantage of the predictable appreciation of the RMB, China's State Administration of Foreign Exchange has to tighten up the control on US dollar-to-RMB conversions. Under the tightened conversion restrictions, similar deviations will resurface in the forward market whenever hot money inflow increases. One way to avoid covered interest rate parity violations in the forward market is to decrease hot money inflow into China by maintaining a stable and credible exchange rate policy. Essay 2: Convertibility Restriction in China's Foreign Exchange Market and its Impact on Forward Pricing Different from the well established markets such as the dollar-Euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by conversion restrictions in the spot market rather than changes in credit risk and/or liquidity constraint. This paper proposes a theoretical framework under which the Chinese authorities impose conversion restrictions in the spot market in an attempt to achieve capital flow balance, but face the tradeoff between achieving such balance and disturbing current account transactions. Consequently, the level of conversion restriction should increase with the amount of capital account transactions and decrease with the amount of current account transactions. Such conversion restriction in turn places a binding constraint on forward traders' ability to cover their forward positions, resulting in the observed CIP deviation. More particularly, the model predicts that onshore forward rate is equal to a weighted average of CIP-implied forward rate and the market's expectation of future spot rate, with the weight determined by the level of conversion restriction. As a secondary result, the model also implies that offshore non-deliverable forwards reflect the market's expectation of future spot rate. Empirical results are consistent with these predictions. Essay 3: The Global Credit Crisis and China's Exchange Rate The case for stabilizing China's exchange rate against the dollar is strong. Before 2005 when the yuan/dollar rate was credibly fixed, it helped anchor China's domestic price level. But gradual RMB appreciation from July 2005 to July 2008 created a "one-way-bet" that disordered China's financial markets in two respects: (1) no private capital outflows to finance China's huge trade surplus leading to an undue build up of official exchange reserves and erosion of monetary control, and (2) a breakdown of the forward exchange market in 2007-08 so that exporters could no longer get trade credit—probably worsening the severe slump in Chinese exports. But after July 2008, the credit crunch induced an unexpected unwinding of the dollar carry trade leading to a sharp appreciation in the dollar's effective exchange rate. The People's Bank of China (PBC) then stopped RMB appreciation against the dollar. China's forward exchange market was restored and monetary control regained. Now the PBC can better support the fiscal stimulus by promoting a parallel expansion of bank credit. But, since March 2009, the fall in the dollar (with the RMB tied to it) again threatens to undermine the yuan/dollar rate and China's monetary stability.
Author : Mr. Zhongxia Jin
Publisher : International Monetary Fund
ISBN 13 : 1513584847
Total Pages : 22 pages
Book Rating : 4.43/5 ( download)
Download or read book Establishing a Foreign Exchange Futures Market in China written by Mr. Zhongxia Jin and published by International Monetary Fund. This book was released on 2021-11-12 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: During China’s transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this paper analyzes the impact of establishing FX futures markets on spot market volatility using data from major emerging market economies. The result shows that FX futures market is not empirically associated with an increase in spot market volatility; in some cases, it is even associated with a decrease in spot market volatility. This paper further suggests that for a well-functioning FX futures market to be established, it is essential for China to substitute the inefficient documentation requirement of underlying exposures with a new set of market-oriented measures for the purpose of prudent regulation.
Author : Morris Goldstein
Publisher : Peterson Institute
ISBN 13 : 0881325406
Total Pages : 125 pages
Book Rating : 4.09/5 ( download)
Download or read book The Future of China's Exchange Rate Policy written by Morris Goldstein and published by Peterson Institute. This book was released on 2009 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Will Martin
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.94/5 ( download)
Download or read book Two-tier Pricing in China's Foreign Exchange Market written by Will Martin and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Report on the two-tier system for foreign exchange in China compared with the domestic two-tier pricing system. Analysis indicates that the foreign exchange system reduces China's exposure to international trade because of its capacity to distort the economy. This is the NCDS China Working Paper No 90/4.
Author : Mr.Sonali Das
Publisher : International Monetary Fund
ISBN 13 : 1498302025
Total Pages : 31 pages
Book Rating : 4.29/5 ( download)
Download or read book China’s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
