Offshore renminbi has increasing impact on Asian exchange rates
Fluctuations in both onshore and offshore renminbi in dollar terms have a statistically and economically significant impact on changes in other Asian exchange rates against the US dollar, even after controlling for other major currency moves and the transmission of China's monetary policy to the region, according to a Bank for International Settlements (BIS) working paper.
One currency, two markets: The renminbi's growing influence in Asia-Pacific by Chang Shu, Dong He and Xiaoqiang Cheng, which
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