Use of National Currencies for Trade Settlement in East Asia: A Proposal

Abstract

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Examining the Interdependence between the Exchange Rates of China and ASEAN Countries: A Canonical Vine Copula Approach

“…The increased correlation after the second half of 2010 may be due to the provision of direct quotes between CNY and MYR on the China Foreign Exchange Trade System (CFETS) in August 2010 to facilitate cross-border trade settlement of RMB, reduce conversion costs, and promote bilateral trade between China and Malaysia. This event marked the Malaysian Ringgit becoming the first emerging market currency traded in China's interbank market [43]. The direct quotes between CNY and MYR reduced the dependence on U.S.…”