Browse > Article
http://dx.doi.org/10.7465/jkdi.2015.26.6.1387

A study on the relationship between the onshore and offshore Chinese Yuan markets  

Lee, Woosik (Graduate School of International Studies, Sogang University)
Chun, Heuiju (Department of Statistics & Information, Dongduk Women's University)
Publication Information
Journal of the Korean Data and Information Science Society / v.26, no.6, 2015 , pp. 1387-1395 More about this Journal
Abstract
Since the financial crisis of 2008, the People's Republic of China has aggressively been pursuing the internationalization of the Chinese Yuan or Renminbi. In this regard, rapidly increasing use of the Chinese Yuan in the onshore and offshore markets are important milestones. This paper analyzes relationship between the onshore and offshore Chinese Yuan spot markets. Major findings of this paper are as follows : First, there is full feedback relationship between the Onshore and Offshore Chinese Yuan Markets. Second, the difference between the yuan's offshore exchange rate and the onshore was getting tight. Third, the offshore Yuan market affects on the onshore market based on the empirical tests.
Keywords
Chinese Yuan; offshore market; onshore market; var model;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
연도 인용수 순위
1 Ahn, Y. (2012). Chinese Yuan interalization and Korea's response, Korea Capital Market Institute, Korea.
2 Changchun, R., Sean, H., Philip, N. and Raymond, Y. (2013). Development of the Renminbi market in Hong Kong SAR: Assessing onshore-offshore market integration, IMF, USA.
3 Chenung, Y. W. and Rime, D. (2014). The offshore renminbi exchange rate: microstructure and links to the onshore market. Journal of International Money and Finance, 49, 170-189.   DOI
4 Engsted, T. and Tanggaard, C. (2004). The comovement of US and UK stock markets. European Financial Management, 10, 593-607.   DOI
5 Ernest C. and Rosemary. (2014). The United States jumps ahead of Taiwan as an offshore RMB clearing center, SWIFT, Belgium.
6 Ha, J. and Jung, J. M. (2015). A study on the slope sign test for explosive autoregressive models. Journal of the Korean Data & Information Science Society, 26, 791-799.   DOI
7 IMI. (2015). The RMB International Monetary Institute, The People's Bank of China, China.
8 Kim, J. and Jeong, K. (2014). The research on daily temperature using continuous AR model. Journal of the Korean Data & Information Science Society, 25, 155-167.   DOI
9 Lee, S. and Lee, E. (2012). A study on the information transfer effect among the China stock markets. Journal of the Korean Data & Information Science Society, 23, 1075-1084.   DOI
10 Oh, D. and Nam, S. J. (2013). Hong Kong as an international RMB offshore financial center. The Journal of Northeast Asia Economics of Korea, 25, 215-241.
11 SC. (2015 ). SWIFT Watch Standard Chartered, Standard Chartered Bank, UK.