Wang, Panpan; Ho, Tsungwu; Liu, Xiaoxing; Wu, Sixu - In: Borsa Istanbul Review 23 (2023) 5, pp. 1098-1110
We employ a threshold vector error correction model approach to investigate the impact of China's exchange rate … reform, price power over the RMB exchange rate changed from the onshore to the offshore market, in which the CNH … significantly leads the CNY, and the CNY ceased to lead the CNH. Since the reform, the PBoC has faced a trilemma of exchange rate …