exchange rate policy but also 27 instances of market-perceived changes in China's currency policy driven by domestic or foreign … providing components and raw materials to China as inputs for the country's exports. There is also some evidence that …

China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive … effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China …'s processing exports. Stock prices rise for firms competing with China in their home market while falling for firms importing …

changes in China's exchange rate policy in 2005 and 2010 and employing data on some 6,000 firms in 44 economies. Stock returns … market sentiment and specific trade effects. Expected renminbi appreciation has a positive effect on firms exporting to China … competing with China in their home market but fall for firms importing Chinese products with large imported-input content. There …