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PRESENTATION ARCHIVES
  N°152  
Issue Q4 2017  
Offshore renminbi trading: Findings from the 2013 Triennial Central Bank Survey  
Yin-Wong Cheung
Matthew S.Yiu
 
Using foreign exchange transaction data reported in the Triennial Central Bank Survey by the Bank for International Settlements, we find that offshore renminbi (RMB) trading activity is affected by both the host economy's characteristics and links with China. For instance, the occurrence of offshore RMB trading is determined by the economy's GDP, stage of financial development, equity market capitalization and free trade agreement with China. When an economy hosts offshore RMB trading, the trading volume is affected by the size of its foreign exchange market, equity market capitalization, as well as the bilateral link with China through FDI flows. Abstract

   
China ; Offshore RMB trading ; Censored data ; Tobit model ; Heckman two-stage estimation procedure ; Keywords
C24 ; F31 ; F33 ; G15 ; G18 ; JEL classification
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