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

Author

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  • Cheung, Yin-Wong
  • Yiu, Matthew S.

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.

Suggested Citation

  • Cheung, Yin-Wong & Yiu, Matthew S., 2017. "Offshore renminbi trading: Findings from the 2013 Triennial Central Bank Survey," International Economics, Elsevier, vol. 152(C), pages 9-20.
    • Handle: RePEc:eee:inteco:v:152:y:2017:i:c:p:9-20
    DOI: 10.1016/j.inteco.2017.09.001
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    Citations

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    Cited by:

    1. Yin-Wong Cheung & Robert N McCauley & Chang Shu, 2019. "Geographic spread of currency trading: The renminbi and other EM currencies," GRU Working Paper Series GRU_2019_011, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    2. Cheung, Yin-Wong & Grimm, Louisa & Westermann, Frank, 2021. "The evolution of offshore renminbi trading: 2016 to 2019," Journal of International Money and Finance, Elsevier, vol. 113(C).
    3. Yuting Tu & Xin Yan & Huan Wang, 2023. "Game Theory Analysis of Chinese DC/EP Loan and Internet Loan Models in the Context of Regulatory Goals," Sustainability, MDPI, vol. 15(9), pages 1-15, April.
    4. Chunming Shen, 2022. "Digital RMB, RMB Internationalization and Sustainable Development of the International Monetary System," Sustainability, MDPI, vol. 14(10), pages 1-22, May.
    5. Yin-Wong Cheung, 2023. "A decade of RMB internationalisation," Economic and Political Studies, Taylor & Francis Journals, vol. 11(1), pages 47-74, January.
    6. Frank Westermann, 2023. "On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(2), pages 263-287, June.
    7. Marina Zucker‐Marques & Pedro Perfeito da Silva, 2022. "The Role of Institutions: A Cross‐country Analysis of Renminbi Trading in Foreign Exchange Markets," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(3), pages 42-74, May.
    8. Zhang, Qisi & Frömmel, Michael & Baidoo, Edwin, 2024. "Donald Trump's tweets, political value judgment, and the Renminbi exchange rate," International Review of Financial Analysis, Elsevier, vol. 93(C).

    More about this item

    Keywords

    C24; F31; F33; G15; G18; China; Offshore RMB trading; Censored data; Tobit model; Heckman two-stage estimation procedure;
    All these keywords.

    JEL classification:

    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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