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Measuring Renminbi Misalignment: Where Do We Stand?
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - Hong Kong Institute for Monetary Research (HKIMR), … - 2010
The value of China's currency, the renminbi (RMB), and the conduct of China's exchange rate policy have generated …
Persistent link: https://www.econbiz.de/10008677826
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Are Chinese Trade Flows Different?
Cheung, Yin-Wong; Chinn, Menzie D.; Qian, Xing Wang - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012
We find that Chinese trade flows respond to economic activity and relative prices -- as represented by a trade weighted exchange rate -- but the relationships are not always precisely or robustly estimated. Chinese exports are generally well-behaved, rising with foreign GDP and decreasing as the...
Persistent link: https://www.econbiz.de/10010818564
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The Evolving Role of China in the Global Economy
Cheung, Yin-Wong (contributor) - The MIT Press
China is now the world’s second largest economy and may soon overtake the United States as the world’s largest. Despite … its adoption of some free-market principles, China considers itself a “socialist-market economy,” suggesting that the … government still plays a major role in the country’s economic development. This book offers a systematic analysis of four factors …
Persistent link: https://www.econbiz.de/10010905556
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An output perspective on a northeast Asia currency union
Cheung, Yin-Wong; Yuen, Jude - 2004
The prospect of creating a currency union consisting of China, Japan, and Korea is evaluated using output data. After a …
Persistent link: https://www.econbiz.de/10010261238
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The overvaluation of Renminbi undervaluation
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eijii - 2007
We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...
Persistent link: https://www.econbiz.de/10010264069
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Does the Chinese interest rate follow the US interest rate?
Cheung, Yin-Wong; Tam, Dickson; Yiu, Matthew S. - 2007
One argument for floating the Chinese renminbi (RMB) is to insulate China's monetary policy from the US effect. However … US dollar, China has alternative measures to retain its policy independence and de-link its interest rates from the US … rate. In other words, the argument for a flexible RMB to insulate China's monetary policy from the US effect is not …
Persistent link: https://www.econbiz.de/10010264088
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China's current account and exchange rate
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - 2009
capital stock is accounted for. Thus, the China-US trade balance should respond to real exchange rate and relative income …
Persistent link: https://www.econbiz.de/10010264589
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The empirics of China's outward direct investment
Cheung, Yin-Wong; Qian, Xingwang - 2009
We investigate the empirical determinants of China's outward direct investment (ODI). It is found that China … developed and developing countries, there is evidence that a) both market seeking and resources seeking motives drive China …'s ODI, b) the Chinese exports to developing countries induce China's ODI, c) China's international reserves promote its ODI …
Persistent link: https://www.econbiz.de/10010264615
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Renminbising China's foreign assets
Cheung, Yin-Wong; Ma, Guonan; McCauley, Robert N. - 2010
Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the … currency composition of China's international assets and liabilities. These factors include, among others, underlying valuation …
Persistent link: https://www.econbiz.de/10010270641
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Capital flight: China's experience
Cheung, Yin-Wong; Qian, Xingwang - 2010
We study the empirical determinants of China's capital flight. In addition to the covered interest differential, our … regression exercise shows that China's capital flight is quite well explained by its own history and covered interest … differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China …
Persistent link: https://www.econbiz.de/10010271971