Publication
Nov 2011
This paper discusses what the principal force behind the growth of the CNH market is. It finds that it is the strongly held view that the renminbi will inevitably and substantially appreciate against the other major currencies. This creates a speculative demand to profit from that appreciation, which has been blocked to a significant extent by the onshore controls. The paper further assesses what the consequences are of the growth of the off-shore markets for China and its currency control.
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English (PDF, 17 pages, 185 KB) |
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Author | Peter M Garber |
Series | CFR Working Papers |
Publisher | Council on Foreign Relations (CFR) |
Copyright | © 2011 Council on Foreign Relations (CFR) |