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What Drives CNH Market Equilibrium?

A CGS/IIGG Working Paper

Author: Peter Garber, Global Strategist, Global Markets Research, Deutsche Bank

What Drives CNH Market Equilibrium? - what-drives-cnh-market-equilibrium

Publisher Council on Foreign Relations Press

Release Date November 2011

15 pages


The recent rapid growth of the offshore renminbi market presents a puzzle for analysts of China's development strategy. By allowing renminbi to flow offshore uncontrolled before loosening government controls over internal financial markets, Chinese officials are straying from the normal sequence of steps toward currency internationalization. Why might that be? In this Center for Geoeconomic Studies Working Paper, produced in association with CFR's International Institutions and Global Governance program, Peter Garber seeks to answer that question by investigating what drives offshore renminbi markets and how they are evolving.

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Peter Garber has been global strategist in global markets research at Deutsche Bank since 1998. He has been professor of economics at Brown University, the University of Rochester, and the University of Virginia. This paper was written while he was a Houblon-Norman/George senior fellow at the Bank of England, on leave from Deutsche Bank.

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