Finnish paper looks at Chinese currency swap agreements

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A working paper published by the Bank of Finland looks at how China’s renminbi bilateral swap agreements affect cross-border trade transactions.

In Bilateral swap agreement and renminbi settlement in cross-border trade, Ke Song and Le Xia use data from the payments system consortium Swift. This includes cross-border settlement messages of 91 countries or regions from October 2010 to November 2015.

The authors examine the data using a range of different models. They find that the signing of a

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