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Measuring the importance of RMB in the exchange rate spill-over networks: new indices of RMB internationalisation

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  • Yinggang Zhou
  • Xin Cheng
  • Yiming Wang

Abstract

Using an innovative network approach, this study constructs new indices of the renminbi (RMB) internationalisation and presents strong evidence of the RMB’s growing influence globally and regionally. We identify networks of exchange rate spill-overs and examine time-varying spill-over intensities among the RMB and world major currencies of G20 members as well as currencies related to the Belt and Road Initiative (BRI). Shocks from the RMB generate intensifying spill-overs across currency networks. The role of the RMB in the networks has increased steadily over time. Our findings highlight that the RMB has become increasingly important since China has initiated the marketisation reform of its currency and proposed to build the modern Belt and Road.

Suggested Citation

  • Yinggang Zhou & Xin Cheng & Yiming Wang, 2020. "Measuring the importance of RMB in the exchange rate spill-over networks: new indices of RMB internationalisation," Economic and Political Studies, Taylor & Francis Journals, vol. 8(3), pages 331-354, July.
    • Handle: RePEc:taf:repsxx:v:8:y:2020:i:3:p:331-354
    DOI: 10.1080/20954816.2020.1775374
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    Cited by:

    1. Liu, Tao & Wang, Xiaosong & Woo, Wing Thye, 2022. "The rise of Renminbi in Asia: Evidence from Network Analysis and SWIFT dataset," Journal of Asian Economics, Elsevier, vol. 78(C).
    2. Shekhar Hari Kumar & Vimal Balasubramaniam & Ila Patnaik & Ajay Shah, 2020. "Who cares about the Renminbi?," 2020 Papers pha1373, Job Market Papers.

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