dc.contributor.author
Zucker-Marques, Marina
dc.contributor.author
Perfeito da Silva, Pedro
dc.date.accessioned
2022-06-02T06:44:46Z
dc.date.available
2022-06-02T06:44:46Z
dc.identifier.uri
https://refubium.fu-berlin.de/handle/fub188/35206
dc.identifier.uri
http://dx.doi.org/10.17169/refubium-34923
dc.description.abstract
We explore how China's geographically targeted policies impact RMB overseas use individually or in combination. The policies include swap agreements, clearing banks, investment quotas, and direct trading between Chinese renminbi (RMB) and non-USD currencies. Adopting a fuzzy-set qualitative comparative analysis and using Bank of International Settlements cross-country data on foreign exchange markets, we find that institution building has lowered the barriers to international adoption of the RMB. Specifically, for countries economically close to China, high RMB trading is explained by either (i) having a clearing bank in the host market and direct quotations between the RMB and the local currency, or (ii) being a financial center and having access to the Chinese capital market. This combination of policies is explained by the creation of (i) “trading posts” that provide RMB liquidity abroad, and (ii) channels that allow actors to “recycle” offshore RMB funds. We triangulate our results with interviews conducted with senior People's Bank of China officials.
en
dc.format.extent
33 Seiten
dc.rights.uri
https://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject
foreign exchange markets
en
dc.subject
fuzzy-set qualitative comparative analysis
en
dc.subject
institutional context
en
dc.subject
international monetary system
en
dc.subject
offshore RMB trading
en
dc.subject
RMB internationalization
en
dc.subject.ddc
300 Sozialwissenschaften::330 Wirtschaft::330 Wirtschaft
dc.title
The Role of Institutions: A Cross-country Analysis of Renminbi Trading in Foreign Exchange Markets
dc.type
Wissenschaftlicher Artikel
dcterms.bibliographicCitation.doi
10.1111/cwe.12418
dcterms.bibliographicCitation.journaltitle
China & World Economy
dcterms.bibliographicCitation.number
3
dcterms.bibliographicCitation.pagestart
42
dcterms.bibliographicCitation.pageend
74
dcterms.bibliographicCitation.volume
30
dcterms.bibliographicCitation.url
https://doi.org/10.1111/cwe.12418
refubium.affiliation
Wirtschaftswissenschaft
refubium.funding
DEAL Wiley
refubium.note.author
Die Publikation wurde aus Open Access Publikationsgeldern der Freien Universität Berlin gefördert.
refubium.resourceType.isindependentpub
no
dcterms.accessRights.openaire
open access
dcterms.isPartOf.eissn
1749-124X