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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, Center for European, Governance and Economic Development Research Discussion Papers 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: F31 F33 G18 C58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cna, nep-knm and nep-tra
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cegedp:348

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