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Impact of the Renminbi Exchange Rate on Asian Currencies

In: Currency Internationalization: Global Experiences and Implications for the Renminbi

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  • Chang Shu

Abstract

With the growing importance of the Chinese economy, it is widely believed that China’s currency is having increasing impact on Asian currencies. Foreign exchange traders and analysts frequently attribute movements of Asian currencies to those of the renminbi.1 A China dominance hypothesis has surfaced in academic research papers, suggesting that the sheer size of the Chinese economy will ensure that the renminbi will gradually play a central role in the region, and may become an anchor currency in Asia (Colavecchio and Funke, 2007; Greenaway et al., 2006). The knock-on effects that the renminbi can have on regional currencies have also been noted by policymakers worldwide. Yam (2007), for example, remarks that a large (stepwise) appreciation of the renminbi against the US dollar would trigger substantial movements in the exchange rates of developing economies, particularly those in Asia.

Suggested Citation

  • Chang Shu, 2010. "Impact of the Renminbi Exchange Rate on Asian Currencies," Palgrave Macmillan Books, in: Wensheng Peng & Chang Shu (ed.), Currency Internationalization: Global Experiences and Implications for the Renminbi, chapter 10, pages 221-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24578-5_10
    DOI: 10.1057/9780230245785_10
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    Cited by:

    1. Guglielmo Maria Caporale & Luis A. Gil-Alana & Kefei You, 2019. "Stock market linkages between the ASEAN countries, China and the US: a fractional cointegration approach," CESifo Working Paper Series 7537, CESifo.
    2. Lu, Changrong & Li, Jiaxiang & Liu, Lian & Yu, Fandi, 2023. "Spillover effect of the RMB and Non-USD currencies after the COVID-19 pandemic: Evidence captured from 30-minute high frequency data," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 527-552.

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