Central bank swap arrangements, exchange rate volatility, and China’s exports

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2025-06-06 DOI:10.1016/j.mulfin.2025.100915

Zhuqing Liu , Junmei Zhang

引用次数: 0

Abstract

This paper investigates the impact of bilateral currency swap arrangements (BSAs) implemented by the People's Bank of China (PBoC) on China’s export from the perspective of stabilizing exchange rate volatility, utilizing annual trade data from 2009 to 2019. We find a significant positive effect of BSAs on China’s exports to the countries that have signed BSAs by stabilizing bilateral exchange rate volatility. The PBoC’S BSAs can reduce currency exchange costs, accelerate the RMB internationalization and enhance international market confidence in the RMB. The heterogeneity analysis further demonstrates stronger treatment effects among: (1) non-Belt and Road Initiative participants, (2) APEC member states, (3) developing economies, and (4) countries without a floating exchange rate regime.

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央行互换安排、汇率波动和中国出口

本文利用2009 - 2019年的年度贸易数据，从稳定汇率波动的角度考察了中国人民银行（PBoC）实施的双边货币互换安排（bsa）对中国出口的影响。我们发现，通过稳定双边汇率波动，bsa对中国对签署了bsa的国家的出口产生了显著的积极影响。中国人民银行设立机构可以降低货币兑换成本，加快人民币国际化进程，增强国际市场对人民币的信心。异质性分析进一步表明，(1)非“一带一路”参与者、(2)APEC成员国、(3)发展中经济体和(4)非浮动汇率国家的治疗效果更强。

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 Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. 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. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.