The rise of a new anchor currency in RCEP? A tale of three currencies

Green bonds as hedging assets before and after COVID: A comparative study between the US and China

“…It shows that the bond markets and green bond markets of the US and China are determined by similar factors such as monetary policy and green technological progress. In contrast, other markets such as stock and forex between the two markets significantly diverge(Guo & Zhou, 2021). In the over-time dimension, the COVID pandemic seems to reduce the correlations between financial assets and green bonds.…”

The Evolution of Financial Market Infrastructure: From Digitalization to Tokenization

“…Overall, the evolution of the FMI in China has been shaped by a combination of government support, market forces, and technological advancements, and has helped to position the country as a key player in the regional trade and global financial system (Guo and Zhou, 2021b). The FMI of China has developed its own characteristics in the following building blocks.…”

Spillover effects of RMB exchange rate among RCEP member countries: Empirical evidence from time-frequency domain approach

“…For instance, the trade channel typically exerts its influence over the long term, while the confidence effects and psychological expectations of investors transmit more rapidly. On the one hand, China is the largest economy and contributor to trade in the RCEP region, RCEP economies have a greater incentive to closely monitor the fluctuations of renminbi (RMB) in order to mitigate exchange rate risk [20,21]. On the other hand, China's capital account has not yet been fully opened and RMB has not become a widely-used funding currency internationally [9], which may limit the spillover effects of RMB.…”

“…On the other hand, China's capital account has not yet been fully opened and RMB has not become a widely-used funding currency internationally [9], which may limit the spillover effects of RMB. More importantly, the RCEP region not only possesses immense growth potential but also serves as a region where the internationalization of RMB is progressing at a rapid pace [2,21]. This is evident in the outstanding progress made in areas such as cross-border RMB settlement, the development of offshore markets, and bilateral swap lines.…”