Using daily equity price data, we find that most of the 14 Chinese listed banks are highly exposed to the RMB/USD exchange rate. By breaking our data period into two subperiods around the financial crisis, we find that Chinese banks were even more exposed in the post-crisis period, despite the...

According to the authors, the Asian crisis has been the world's worst financial crisis in the last two decades. It has caused great economic and social harm in the worst affected countries. They start the paper with a commentary on the unfolding of the Asian crisis and include summary...