The correlation between Renminbi(RMB) internationalization and nonferrous metal prices was studied using the nonlinear Granger causality test and the dynamic conditional correlation-generalized autoregressive conditio...The correlation between Renminbi(RMB) internationalization and nonferrous metal prices was studied using the nonlinear Granger causality test and the dynamic conditional correlation-generalized autoregressive conditional heteroskedastic(DCC-GARCH) model. The results indicate that the relationship between RMB internationalization and nonferrous metal prices reflects a complex nonlinear mechanism. There was no mutual influence between RMB internationalization and nonferrous metal prices prior to the trials of the RMB settlement in the cross-border trade in July 2009. Since then, however, a bidirectional causal relationship between RMB internationalization and the price of copper and a unidirectional causal relationship from the price of aluminum to RMB internationalization were examined. In addition, due to the impact of extreme events, such as economic and financial crises, RMB internationalization and nonferrous metal prices are not always positively correlated but are rather occasionally negatively correlated.展开更多
Expediting the RMB internationalization in countries along the Belt and Road routes will knock down bottlenecks affecting Chinese investors in exchange rates, financing, and debts, and increase capital resources for t...Expediting the RMB internationalization in countries along the Belt and Road routes will knock down bottlenecks affecting Chinese investors in exchange rates, financing, and debts, and increase capital resources for these countries.展开更多
Promoting the internationalization of the RMB in Latin America is not only a requirement of the China-Latin American relationship and of China’s reform and opening-up policy in the financial sectors, but is also a st...Promoting the internationalization of the RMB in Latin America is not only a requirement of the China-Latin American relationship and of China’s reform and opening-up policy in the financial sectors, but is also a strategic choice. With the support of internal, external and bilateral factors,China and Latin American countries have seen a lot progress in RMB trade settlement, investment, financing, and so on, yet Latin American countries’ willingness to use the RMB is still low, there is an obvious shortage of exchange mechanisms, and currency cooperation between them may face more obstacles as China-US competition intensifies. Under these circumstances, in order to further promote the internationalization of the RMB in Latin America, China should seize the opportunity of Latin America’s participation in the Belt and Road Initiative and their demand for currency diversification, as well as the friction between the US-Latin American relationship, start reducing the shortage of institutional exchange mechanisms, and plan for the RMB internationalization process in Latin America at a strategic level.展开更多
President Xi Jinping put forward that, "China will further push the open economy to a higher level by enlarging its scale, expanding its area, and deepening its degree." This proposal provides new perspectiv...President Xi Jinping put forward that, "China will further push the open economy to a higher level by enlarging its scale, expanding its area, and deepening its degree." This proposal provides new perspectives for RMB internationalization. The new path of RMB internationalization shall be achieved under the Belt and Road Initiative and be a new option that is di erent from the "Three-Stage Theory" and regional monetary cooperation. RMB internationalization can only be realized through a government-driven mode with Chinese characteristics which shows the fundamental di erence from the internationalization of other currencies such as the US Dollar, Euro and Japanese Yen. The Chinese government can realize the strategic objective of RMB internationalization through improving national governance, applying policies and tools for macroeconomic regulation, and implementing the Belt and Road Initiative, as well as the operation of its nancial industry, the Silk Road Fund(SRF), and that of regional banks like the Asian Infrastructure Investment Bank(AIIB) and the BRICS New Development Bank(NDB). RMB internationalization is an important objective of China's political and economic development. Efforts must be made to steadily promote market-oriented reform of the RMB exchange rate and its forming mechanism, and reform of capital account convertibility so that RMB can become the leading global reserve currency. Meanwhile, China will also undertake more responsibilities as a major power for stable development of the international economy and nance.展开更多
Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the popul...Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the population is 70.66 million, 5.8%of the total population of China, and the GNPwas RMB515.5 billion in 1995, 8.9% of thetotal GNP of China. Since the early 1990s, the province hasseized various opportunities to expand展开更多
Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of t...Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of the Liver Transplant Center, the First Affiliated Hospital, Zhejiang University and the experience展开更多
RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is...RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is overwhelmed with excessive liquidities. Certainly the monetary phenomenon is the reflection of the actual economy: continued trade surplus, triggered robustly by the export-driven economy, is bringing a huge amount of exchange reserve which accelerates sequentially the expansion of domestic money supply. Furthermore, a refrained appreciation of RMB tends to deteriorate the domestic inflation, which is not simply a traditional concept of CPI but a broad inflation parameter including a variety of asset prices. It's sure that the new phenomenon is becoming a new challenge to the macroeconomic equilibrium as well as the decision maker of monetary policy.展开更多
With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto reg...With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.展开更多
It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced t...It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.展开更多
基金Projects(71874210,71633006,71874207,71974208)supported by the National Natural Science Foundation of ChinaProject(2020CX049)supported by Innovation-Driven Foundation of Central South University,China+1 种基金Project(2018dcyj031)supported by Postgraduate Survey Research Foundation of Central South University,ChinaProject(17K103)supported by the Innovation Platform Open Fund Project of Hunan Education Department,China。
文摘The correlation between Renminbi(RMB) internationalization and nonferrous metal prices was studied using the nonlinear Granger causality test and the dynamic conditional correlation-generalized autoregressive conditional heteroskedastic(DCC-GARCH) model. The results indicate that the relationship between RMB internationalization and nonferrous metal prices reflects a complex nonlinear mechanism. There was no mutual influence between RMB internationalization and nonferrous metal prices prior to the trials of the RMB settlement in the cross-border trade in July 2009. Since then, however, a bidirectional causal relationship between RMB internationalization and the price of copper and a unidirectional causal relationship from the price of aluminum to RMB internationalization were examined. In addition, due to the impact of extreme events, such as economic and financial crises, RMB internationalization and nonferrous metal prices are not always positively correlated but are rather occasionally negatively correlated.
文摘Expediting the RMB internationalization in countries along the Belt and Road routes will knock down bottlenecks affecting Chinese investors in exchange rates, financing, and debts, and increase capital resources for these countries.
文摘Promoting the internationalization of the RMB in Latin America is not only a requirement of the China-Latin American relationship and of China’s reform and opening-up policy in the financial sectors, but is also a strategic choice. With the support of internal, external and bilateral factors,China and Latin American countries have seen a lot progress in RMB trade settlement, investment, financing, and so on, yet Latin American countries’ willingness to use the RMB is still low, there is an obvious shortage of exchange mechanisms, and currency cooperation between them may face more obstacles as China-US competition intensifies. Under these circumstances, in order to further promote the internationalization of the RMB in Latin America, China should seize the opportunity of Latin America’s participation in the Belt and Road Initiative and their demand for currency diversification, as well as the friction between the US-Latin American relationship, start reducing the shortage of institutional exchange mechanisms, and plan for the RMB internationalization process in Latin America at a strategic level.
文摘President Xi Jinping put forward that, "China will further push the open economy to a higher level by enlarging its scale, expanding its area, and deepening its degree." This proposal provides new perspectives for RMB internationalization. The new path of RMB internationalization shall be achieved under the Belt and Road Initiative and be a new option that is di erent from the "Three-Stage Theory" and regional monetary cooperation. RMB internationalization can only be realized through a government-driven mode with Chinese characteristics which shows the fundamental di erence from the internationalization of other currencies such as the US Dollar, Euro and Japanese Yen. The Chinese government can realize the strategic objective of RMB internationalization through improving national governance, applying policies and tools for macroeconomic regulation, and implementing the Belt and Road Initiative, as well as the operation of its nancial industry, the Silk Road Fund(SRF), and that of regional banks like the Asian Infrastructure Investment Bank(AIIB) and the BRICS New Development Bank(NDB). RMB internationalization is an important objective of China's political and economic development. Efforts must be made to steadily promote market-oriented reform of the RMB exchange rate and its forming mechanism, and reform of capital account convertibility so that RMB can become the leading global reserve currency. Meanwhile, China will also undertake more responsibilities as a major power for stable development of the international economy and nance.
文摘Jiangsu is situated on the Yangtze Deltaon China’s east coast, and is a provincewith a developed economy, science,technology, education and culture. Its area is102,600 sq km, 1.1% of the total area ofChina, the population is 70.66 million, 5.8%of the total population of China, and the GNPwas RMB515.5 billion in 1995, 8.9% of thetotal GNP of China. Since the early 1990s, the province hasseized various opportunities to expand
文摘Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of the Liver Transplant Center, the First Affiliated Hospital, Zhejiang University and the experience
文摘RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is overwhelmed with excessive liquidities. Certainly the monetary phenomenon is the reflection of the actual economy: continued trade surplus, triggered robustly by the export-driven economy, is bringing a huge amount of exchange reserve which accelerates sequentially the expansion of domestic money supply. Furthermore, a refrained appreciation of RMB tends to deteriorate the domestic inflation, which is not simply a traditional concept of CPI but a broad inflation parameter including a variety of asset prices. It's sure that the new phenomenon is becoming a new challenge to the macroeconomic equilibrium as well as the decision maker of monetary policy.
基金supported by the Fundamental Research Funds for the Central Universities(2019CDSKXYGG0042,2018CDXYGG0054,2020CDJSK01HQ01)National Social Science Funds(16CJL007).
文摘With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.
文摘It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.
