from International Institutions and Global Governance Program and Greenberg Center for Geoeconomic Studies

What Drives CNH Market Equilibrium?

November 01, 2011

Report

More on:

China

Monetary Policy

Capital Flows

Overview

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.

More on:

China

Monetary Policy

Capital Flows

Top Stories on CFR

Coronavirus

The Delta variant is driving new COVID-19 surges, even as countries around the world make gradual progress in vaccinating their populations. Five graphics show how the strain is taking over and who’s at risk.

Public Health Threats and Pandemics

Opioid addiction in the United States has become a prolonged epidemic, threatening not only public health but economic output and national security.

United States

Amid the COVID-19 pandemic, 2021 is on track to be the United States’ deadliest year for gun violence in two decades. How do other countries regulate firearms and respond to mass shootings?