The impact of yuan revaluation on the Asian region

Working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
Published on 09 July 2007

Working Paper No. 329
By Glenn Hoggarth and Hui Tong

This paper studies how an appreciation of the yuan affects the exports of other Asian countries. It finds mixed effects. Countries that export consumer goods to China or compete in third markets benefit from yuan appreciation, while countries that supply capital goods to China lose. These findings suggest that a revaluation of the yuan may not lead to a generalised revaluation of Asian currencies. 

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