The emergence of the RMB: A "New Normal" for China's exchange rate system?

Frederik Kunze, Tobias Basse, Christoph Wegener and Markus Spiwoks

No 348, University of Göttingen Working Papers in Economics from University of Goettingen, Department of Economics

Abstract: We investigate RMB pricing differentials for onshore and offshore trading. Testing for long memory, we find strong persistence in the pricing differential. Hence, the Chinese FX market in its bipolar structure still lacks basic conditions for perfectly integrated markets.

Keywords: CNY; CNH; RMB internationalization; Market integration; Emerging markets (search for similar items in EconPapers)
JEL-codes: C58 F31 F33 G18 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-cna, nep-knm and nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cegedp:348

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