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date: 23 January 2020

Abstract and Keywords

This chapter examines the financial linkages between China and the rest of East Asia in the context of China’s possible financial liberalization and internationalization of its currency. It provides new empirical evidence on short-run and long-run linkages between China and East Asia for exchange rates, interest rates, and equity markets and discusses the divergence of asset return behavior between China and several Asian Pacific economies. It also considers the policy challenges faced by China in deciding how to sequence capital-account opening and currency internationalization with other policies such as financial market development.

Keywords: financial linkages, China, East Asia, financial liberalization, internationalization of currency, exchange rates, interest rates, equity markets, asset return behavior, capital-account opening

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