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Offshore renminbi trading: Findings from the 2013 Triennial Central Bank Survey

Yin-Wong Cheung and Matthew S.Yiu

International Economics, 2017, issue 152, 9-20

Abstract: Using foreign exchange transaction data reported in the Triennial Central Bank Survey by the Bank for International Settlements, we find that offshore renminbi (RMB) trading activity is affected by both the host economy's characteristics and links with China. For instance, the occurrence of offshore RMB trading is determined by the economy's GDP, stage of financial development, equity market capitalization and free trade agreement with China. When an economy hosts offshore RMB trading, the trading volume is affected by the size of its foreign exchange market, equity market capitalization, as well as the bilateral link with China through FDI flows.

Keywords: China; Offshore RMB trading; Censored data; Tobit model; Heckman two-stage estimation procedure (search for similar items in EconPapers)
JEL-codes: C24 F31 F33 G15 G18 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations: View citations in EconPapers (10)

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