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| The Research of Offshore RMB’s Regional Influence: An Perspective Based on Information Spillover |
| YIN Libo, WU You
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School of Finance, Central University of Finance and Economics;
School of Economics and Management, Beihang University |
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Abstract The development of offshore RMB financial market is the inevitable course to promote the internationalization of the RMB. We empirically investigate the regional influence of offshore RMB by discussing the spillover effects and its time-varying characteristics between offshore RMB and other currencies of neighboring countries and regions. The results indicate that the offshore RMB already has regional influence, which is superior to the onshore RMB’s influence. But the influence is limited for some Asian currencies have strong spillover effect to the offshore RMB, which means it can’t be called as a regional anchor currency. Relevant results provide the bases for developing the offshore RMB market, improving the formation mechanism of RMB, and coordinating the economic and political policies at different countries.
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Received: 06 June 2016
Published: 18 January 2018
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