This working paper was written by Reuven Glick (Federal Reserve Bank of San Francisco) and Michael Hutchison (University of California, Santa Cruz).In recent years China has faced an increasing trilemma—how to pursue an independent domestic monetary policy and limit exchange rate flexibility,...

This applied research paper is written by Chang Ma (Fudan University), Alessandro Rebucci (Johns Hopkins University) and Sili Zhou (University of Macau).Even without complete financial liberalization, China can exert an influence on global equity markets through its pivotal role in world markets...

This working paper is written by Eric Wong (Hong Kong Monetary Authority), Kelvin Ho (Hong Kong Monetary Authority), Andrew Wong (Hong Kong Monetary Authority) and Vincent Lo (Hong Kong Monetary Authority).While banks in Hong Kong in general have strong capital and liquidity positions by...