Development of the Renminbi Market in Hong Kong SAR PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Development of the Renminbi Market in Hong Kong SAR PDF full book. Access full book title Development of the Renminbi Market in Hong Kong SAR by Mr.R. Sean Craig. Download full books in PDF and EPUB format.
Author: Mr.R. Sean Craig Publisher: International Monetary Fund ISBN: 1484332946 Category : Business & Economics Languages : en Pages : 26
Book Description
Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play? The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization.
Author: Mr.R. Sean Craig Publisher: International Monetary Fund ISBN: 1484332946 Category : Business & Economics Languages : en Pages : 26
Book Description
Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play? The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization.
Author: Robert Minikin Publisher: John Wiley & Sons ISBN: 1118339282 Category : Business & Economics Languages : en Pages : 212
Book Description
The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.
Author: Eiichi Sekine Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Renminbi settlement has become the preferred mode of settlement for mainland Chinese imports, with most of the imports settled this way coming from Hong Kong. As a result, renminbi deposits in Hong Kong have increased sharply, as has the issuance of dim sum bonds. It will be interesting to see what routes are opened up to enable this money to find its way back from Hong Kong's offshore renminbi market to the mainland and whether Japanese companies take advantage of the market to issue dim sum bonds.
Author: Wang, Xi (S.M.) Publisher: ISBN: Category : Languages : en Pages : 31
Book Description
China has become the second-largest economy by nominal GDP and the world's largest economy after adjusting purchasing power by the end of 20141. Meanwhile, China is also the largest trading nation in the world. Since the late 2000s, the People's Bank of China (PBoC) has sought to internationalize the renminbi, the official currency of China, to improve the international use of the renminbi and in turn to stimulate monetary efficiency. The offshore renminbi market officially launched in Hong Kong SAR in July 2010 and the offshore deliverable forward market was established two months later. This paper aims to provide a detailed review of the renminbi internationalization process, particularly the foreign exchange market, including the deliverable forward market in the offshore setting. The review will test the correlations among the onshore deliverable forwards, the offshore deliverable forwards, and non-deliverable forwards by conducting time-series analyses. Moreover, interest rate parity theory is utilized to price the theoretical offshore deliverable forwards. Substantial deviations are observed and documented between the theoretical and actual offshore deliverable forward rates. Furthermore, regression analyses are adopted to provide empirical evidence to explain the possible reasons affecting the prices of the offshore renminbi deliverable forwards and the onshore deliverable forwards, also, the price differential between these two products. Among these reasons, exchange rate expectation, macroeconomic sentiment and market liquidity show statistically significant impact. Finally, the paper will discuss the possible implications of the preceding analyses for the development of the offshore deliverable forward market and the renminbi internationalization process.
Author: C. Schenk Publisher: Springer ISBN: 0230594743 Category : Business & Economics Languages : en Pages : 211
Book Description
Hong Kong SAR is now highly unusual as a large economy running a currency board system that pegs the Hong Kong Dollar to the US Dollar. This volume explores the origins and persistence of this system, presenting the viewpoint of several of the main protagonists in the operation of the currency board since 1983 as well as new research by academics.
Author: Asian Development Bank Publisher: Asian Development Bank ISBN: 9292623788 Category : Business & Economics Languages : en Pages : 45
Book Description
This report provides updates on the bond market in Hong Kong, China since the publication of the ASEAN+3 Bond Market Guide 2016: Hong Kong, China. It also highlights those changes and developments that have a connection to the bond market of the People’s Republic of China. The ASEAN+3 Bond Market Guide series provides member-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and to encourage greater participation in the region’s rapidly developing bond markets.
Author: Tony Latter Publisher: Hong Kong University Press ISBN: 9622098762 Category : Business & Economics Languages : en Pages : 164
Book Description
Since 1983 Hong Kong has pegged its currency to the US dollar through a currency board system that is unique among the world's advanced economies. In this first comprehensive book about Hong Kong's monetary system, Tony Latter draws on his considerable experience in central banking generally, and with the Hong Kong Monetary Authority in particular, to give a detailed account of how the system operates; why it was introduced; what are the important differences from other monetary regimes; and how it has performed. After a brief overview of Hong Kong's currency board system, two chapters explain the key features of mainstream monetary policy as practised in most economies and how the currency board differs. Then three chapters deal with the history of money in Hong Kong from the mid-1930s, describing the salient events and changes of the period up to the 1983 crisis and the consequent re-adoption of the currency board. Descriptions of the functioning of the system after 1983 and its evolution to the present day then follow. The book concludes with assessments of the performance of the currency board since 1983 and of the Hong Kong economy more widely. This book is designed both to inform lay readers and to provide substance for monetary economists. Given the key role of monetary policy in providing a stable foundation for a strong economy, the book is of importance for all business people in Hong Kong, while the more analytical sections provide essential reading for all students of economics.
Author: Mr.Dong He Publisher: International Monetary Fund ISBN: 1475519648 Category : Business & Economics Languages : en Pages : 27
Book Description
This paper investigates the synchronization of Hong Kong SAR’s economic growth with mainland China and the United States. This paper identifies trends of economic growth based on the permanent income hypothesis. Specifically, the paper confirms whether real consumption in Hong Kong SAR and mainland China satisfy the permanent income hypothesis, at least in a weak form. It then identifies the permanent and transitory components of income of each economy using a simple state-space model. It uses structural vector autoregression models to analyze how permanent and transitory shocks originating from mainland China and the United States affect the Hong Kong economy, and how such influences evolve over time. The paper’s main findings suggest that transitory shocks from the United States remain a major driving force behind Hong Kong SAR’s business cycle fluctuations. On the other hand, permanent shocks from mainland China have a larger impact on Hong Kong SAR’s trend growth.
Author: Mr.R. Sean Craig
Author: Mr.R. Sean Craig
Author: R. Sean Craig
Author: Robert Minikin
Author: Chang Shu
Author: Eiichi Sekine
Author: Wang, Xi (S.M.)
Author: C. Schenk
Author: Asian Development Bank
Author: Tony Latter
Author: Mr.Dong He