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A Dynamic Analysis of Chinese Yuan (RMB) Internationalization with Bayesian-Based Time Series Model

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  • Zihe Li
  • Jun Nagayasu

Abstract

The paper dynamically analyzes the recent RMB internationalization development. Unlike previous studies, we study the level of currency internationalization using explanatory factor analysis and rolling correlation calculation and report evidence that the Chinese RMB is still not a completely internationalized currency, but overall is internationalizing with a positive trend. Moreover, based on a Bayesian-based causal impact analysis, we study the effect of the COVID-19 pandemic on the process of RMB internationalization.

Suggested Citation

  • Zihe Li & Jun Nagayasu, 2023. "A Dynamic Analysis of Chinese Yuan (RMB) Internationalization with Bayesian-Based Time Series Model," TUPD Discussion Papers 33, Graduate School of Economics and Management, Tohoku University.
    • Handle: RePEc:toh:tupdaa:33
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    File URL: http://hdl.handle.net/10097/00136716
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