HK researchers ask how much markets affect RMB fixing
Researchers test China’s assertion exchange rate is now determined more by markets
Economists shed light on China’s renminbi fixing in a recent paper published by the Hong Kong Institute for Monetary Research, assessing how much it is determined by markets, and how much by the interventions of the Chinese authorities.
Yin-Wong Cheung, Cho-Hoi Hui and Andrew Tsang note that since reforms in August 2015, the renminbi’s daily fixing was meant to be based mostly on market forces. However, market forces are not always obvious, and some observers have said the US dollar appears to
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