China | A tale of two markets for the redback

Resumen

Chinese financial turmoil has thrown the RMB exchange rate under the spotlight. In particular, the gap between RMB exchange rates in its onshore (CNY) and offshore (CNH) markets reached the historical high. This has motivated us to introduce this unique phenomenon of “one currency, two markets” of the RMB, and investigate the relationship between the two exchange rates.

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