We estimate the time-varying co-movements of a large set of bilateral exchange rates/the RMB and explore their relationship with the firm-level exchange rate exposure in China. We find that firms’ exchange rate exposure increases in periods of high exchange rate co-movements. The co-movements...

This paper attempts to explore the direct effects and spill-overs of COVID-19 on stock markets. Using conventional t-tests and non-parametric Mann-Whitney tests, we empirically analyse daily return data from stock markets in the People's Republic of China, Italy, South Korea, France, Spain,...

To empirically investigate whether the Belt and Road Initiative (BRI) acts as a catalyst to the forming of a regional RMB bloc, we explore the co-movements between the RMB and the currencies of BRI countries from July 21, 2005 to December 31, 2018 using a modified Frankel-Wei model. We find that...