The emergence of the RMB: A "New Normal" for China's exchange rate system?
Christoph Wegener and
No 348, Center for European, Governance and Economic Development Research Discussion Papers from University of Goettingen, Department of Economics
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: F31 F33 G18 C58 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cegedp:348
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