Can bilateral RMB swap reduce monetary policy spillovers from the United States to China?

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-03-21 DOI:10.1016/j.intfin.2025.102157

Mi Zhang , Ahmet Sensoy , Duc Khuong Nguyen , Feiyang Cheng

引用次数: 0

Abstract

This study analyzes the impact of bilateral RMB swap agreements on the transmission of US monetary policy to China, while focusing on the underlying mechanisms and potential heterogeneous effects. Our findings demonstrate that these agreements significantly attenuate US monetary policy spillovers to China. Mechanistically, we show that bilateral swaps promote Chinese exports to trading partner countries, thereby mitigating the negative consequences of US monetary policy. Notably, agreements with emerging economies exhibit a stronger mitigating effect than those with advanced economies. These results offer policymakers valuable insights for managing international monetary policy spillovers.

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双边人民币互换能否减少美国货币政策对中国的溢出效应？

本研究分析了双边人民币互换协议对美国货币政策对华传导的影响，同时重点关注其潜在机制和潜在异质性效应。我们的研究结果表明，这些协议显著减弱了美国货币政策对中国的溢出效应。从机制上讲，我们表明双边互换促进了中国对贸易伙伴国的出口，从而减轻了美国货币政策的负面影响。值得注意的是，与新兴经济体达成的协议比与发达经济体达成的协议表现出更强的缓解效果。这些结果为政策制定者提供了管理国际货币政策溢出效应的宝贵见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.