{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2024,9,6]],"date-time":"2024-09-06T05:19:33Z","timestamp":1725599973500},"reference-count":0,"publisher":"ECMS","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2022,6,3]]},"abstract":"<jats:p>In the past decade, China has taken several steps to make the renminbi (RMB) a globally important currency. Since the RMB was included in the IMF\u2019s SDR basket in 2016, several central banks have started using it as a reserve currency. Moreover, the exchange rate regime of the RMB has gradually been modified to add some flexibility, and Beijing has begun to promote cross-border RMB trade settlement. In this paper, we use panel data to analyze how changes in the RMB exchange rate might influence the movement of other currencies in the Asia-Pacific region. We find that the RMB\u2019s relative importance has significantly increased from 2015 onwards, i.e. since the date of the last reform of the RMB central parity quoting mechanism. Our results also suggest that the RMB\u2019s impact has remained broadly unchanged since the outbreak of the coronavirus pandemic. Contrary to some other findings, the COVID\u201119 has not reduced the relevance of the Chinese currency in the region.<\/jats:p>","DOI":"10.7148\/2022-0064","type":"proceedings-article","created":{"date-parts":[[2022,8,10]],"date-time":"2022-08-10T13:29:18Z","timestamp":1660138158000},"page":"64-69","source":"Crossref","is-referenced-by-count":0,"title":["Rising Regional Importance of the Renminbi in the Asia-Pacific Area: A Panel Analysis"],"prefix":"10.7148","author":[{"given":"Eszter","family":"Boros","sequence":"first","affiliation":[]},{"given":"Gabor","family":"Sztano","sequence":"additional","affiliation":[]}],"member":"4144","published-online":{"date-parts":[[2022,6,3]]},"event":{"name":"36th ECMS International Conference on Modelling and Simulation"},"container-title":["ECMS 2022 Proceedings edited by Ibrahim A. Hameed, Agus Hasan, Saleh Abdel-Afou Alaliyat"],"original-title":[],"deposited":{"date-parts":[[2022,8,10]],"date-time":"2022-08-10T13:29:24Z","timestamp":1660138164000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.scs-europe.net\/dlib\/2022\/2022-0064.html"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,6,3]]},"references-count":0,"URL":"https:\/\/doi.org\/10.7148\/2022-0064","relation":{},"subject":[],"published":{"date-parts":[[2022,6,3]]}}}