01 November 2016

SWIFT Research by Jonathan Batten and Peter Szilagyi is published in Emerging Markets Review

The internationalisation of the RMB: New starts, jumps and tipping points  by Jonathan A. Batten and Peter G. Szilagyi,

The SWIFT Institute is proud to announce that this research sponsored by the SWIFT Institute, has been Elslevier Journal Emerging Markets Review 28 (2016) 221–238. Well done!

ABSTRACT: We investigate the process of currency internationalisation of the Chinese Renminbi (RMB). Aggregated cross-border data provided by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) allows better measurement of the role played by a currency in trade and settlement. RMB transactions are significant and increasing but remain concentrated in key financial centres. Analysis using an asset pricing framework shows that the footprint of Chinese corporations in international markets has at times been significant, with the size of these transactions prompting many to reassess the likely pace of RMB internationalisation and its usage as an alternate vehicle currency.

Read the article  here


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