Foreign exchange turnover in Asian currencies grew faster than the global total between 2001 and 2004. Renminbi trading rose particularly strongly. Evolving expectations about the renminbi seem to be joining the dollar/yen spot rate in exerting an influence on Asian foreign exchange markets. Asian currencies with more flexible exchange rates appear to be trading with an effective exchange rate orientation.
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Article provided by Bank for International Settlements in its journal BIS Quarterly Review.
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Find related papers by JEL classification: F31 - International Economics - - International Finance - - - Foreign Exchange F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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