Zhongxia Jin's Books

Renminbi from Marketization to Internationalization

By: Zhongxia Jin,Yue Zhao,Haobin Wang

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Renminbi from Marketization to Internationalization

By: Zhongxia Jin,Yue Zhao,Haobin Wang

This study looks into the significance of a floating exchange rate regime, further development of the foreign exchange derivatives market, and concurrent internationalization of the Renminbi (RMB) for a resilient, open, and growing Chinese economy. The first chapter analyzes the macroeconomic impact of foreign exchange intervention based on empirical studies on 26 economies, explaining why most countries favor a floating exchange rate regime under the existing international monetary system. The second chapter discusses the macroeconomic and microeconomic conditions that would facilitate a successful transition to a floating exchange rate. The final two chapters discuss the importance of further developing the foreign exchange derivatives market in China and explores paths toward further opening-up of the capital market and internationalization of the RMB under a floating exchange rate. Based on the authors’ decades of reflections and systematic analysis on real cases both in China and abroad, the title sheds lights on China’s exchange rate issues and research on exchange rate policy. This book will be an essential reference for scholars, students, professionals, and policymakers interested in exchange rate, currency internationalization, the financial market, especially the derivatives market, and the Chinese economy.

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Page Count

143

Publisher

Taylor & Francis

Published Date

ISBN 10

1000617971

ISBN 13

9781000617979

Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings

By: Mr. Zhongxia Jin,Haobin Wang,Yue Zhao

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Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings

By: Mr. Zhongxia Jin,Haobin Wang,Yue Zhao

Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce adjustments to the real exchange rate through domestic prices. We find that countries that intervene more heavily in response to external shocks experience greater general and asset price volatility, which is not conducive to countering the impact of external shocks. We show that China’s macroeconomic responses to external shocks are broadly consistent with international experiences among intervening countries. The simple methodological framework adopted in this paper is meant to examine a broad set of macroeconomic variables and bears limitations; our findings serve to motivate more structural analysis on FXI’s macroeconomic impacts going forward.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1513571958

ISBN 13

9781513571959

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

1980-2002

By: Mr.Zhongxia Jin

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The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

1980-2002

By: Mr.Zhongxia Jin

Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in China. Taking into account institutional changes, the empirical study shows that significant and usually non-monotonic interactions exist between these three variables. The paper discusses theoretical and policy implications of the empirical result.

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International Monetary Fund

Published Date

ISBN 10

1451848927

ISBN 13

9781451848922

Establishing a Foreign Exchange Futures Market in China

By: Mr. Zhongxia Jin,Yue Zhao,Haobin Wang

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Establishing a Foreign Exchange Futures Market in China

By: Mr. Zhongxia Jin,Yue Zhao,Haobin Wang

During China’s transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this paper analyzes the impact of establishing FX futures markets on spot market volatility using data from major emerging market economies. The result shows that FX futures market is not empirically associated with an increase in spot market volatility; in some cases, it is even associated with a decrease in spot market volatility. This paper further suggests that for a well-functioning FX futures market to be established, it is essential for China to substitute the inefficient documentation requirement of underlying exposures with a new set of market-oriented measures for the purpose of prudent regulation.

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International Monetary Fund

Published Date

ISBN 10

1513584847

ISBN 13

9781513584843

Renminbi from Marketization to Internationalization

By: Zhongxia Jin,Yue Zhao,Haobin Wang

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Renminbi from Marketization to Internationalization

By: Zhongxia Jin,Yue Zhao,Haobin Wang

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Solve jigsaw puzzle

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Page Count

143

Publisher

Taylor & Francis

Published Date

ISBN 10

1000617971

ISBN 13

9781000617979

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

1980-2002

By: Mr.Zhongxia Jin

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The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

1980-2002

By: Mr.Zhongxia Jin

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N/A

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Solve jigsaw puzzle

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Publisher

International Monetary Fund

Published Date

ISBN 10

1451848927

ISBN 13

9781451848922

Book's by Zhongxia Jin

Renminbi from Marketization to Internationalization

Renminbi from Marketization to Internationalization

Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings

Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

Establishing a Foreign Exchange Futures Market in China

Establishing a Foreign Exchange Futures Market in China

Renminbi from Marketization to Internationalization

Renminbi from Marketization to Internationalization

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China

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