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China s RMB Bilateral Swap Agreements: What explains the choice of countries?

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  • Alicia Garcia-Herrero
  • Le Xia
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    Abstract

    This paper analyzes empirically the determinants behind the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country s size and distance from China) but also the trade one, both in terms of exports into China as well as sharing an FTA with China. Institutional soundness also matters since countries which better government and less corruption are more likely to sign an RMB-denominated BSA. This goes against the view that China has used RMB BSAs as a soft power tool in more corrupted countries. However, the fact that China s has a preference for countries with default history and a closer capital account calls for caution.

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    Bibliographic Info

    Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1318.

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    Length: 15 pages
    Date of creation: May 2013
    Date of revision:
    Handle: RePEc:bbv:wpaper:1318

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    Related research

    Keywords: Bilateral Swap Agreements; RMB Internationalization;

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    1. Marcos dal Bianco & Maximo Camacho & Gabriel Perez-Quiros, 2012. "Short-run forecasting of the euro-dollar exchange rate with economic fundamentals," Banco de Espa�a Working Papers 1203, Banco de Espa�a.
    2. Mariana A. Toran & F. Javier Morales & Sara G. Castellanos, 2012. "Analysis of the Use of Financial Services by Companies in Mexico: What does the 2009 Economic Census tell us?," Working Papers 1216, BBVA Bank, Economic Research Department.
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