Zhou Yinggang │ Has the influence of the RMB in the “Belt and Road” increased? From the perspective
On the afternoon of December 8, 2018, the academic seminar on "International Trade Relations and the Restructuring of Global Economic Governance"—Parallel Session 1: "International Trade Friction and the Global Financial System"—was successfully held at Tsinghua University. Experts and scholars from various fields participated in the conference. This conference was hosted by the Center for International Finance and Economics Research (CIFER) and the Center for Monetary Policy and Financial Stability Research of the National Institute of Financial Research at Tsinghua University.Dr. Cheng Xin from the School of Economics at Xiamen University, representing her supervisor Professor Zhou Yinggang, shared an academic report at the conference: Has the influence of the RMB increased in the "Belt and Road" initiative? From the perspective of "five connections".
Professor Zhou Yinggang received his Ph.D. in Finance from Xiamen University in 2001 and his Ph.D. in Economics from Cornell University in 2007. He is currently a professor in the Department of Finance and the Wang Yanan Institute for Studies in Economics at Xiamen University, a recipient of the first batch of "Changjiang Scholars" Young Scholars Program of the Ministry of Education, Vice Dean of the Wang Yanan Institute for Studies in Economics at Xiamen University, and Executive Director of the Fubon Financial and Industrial Research Center at Xiamen University. He previously worked as an economist at Dividend Capital Investment Company in the United States, specializing in global asset allocation for mutual funds and hedge funds. He also taught at the Business School of the Chinese University of Hong Kong, serving as Director of the Centre for Tourism and Real Estate Studies, among other positions. His research areas include asset pricing, financial risk, international finance and trade, and China's financial opening and innovation. He currently serves as Associate Editor of the International Real Estate Review and a reviewer for several international journals. He has also served as a director of the World Chinese Real Estate Association and a visiting researcher at the Hong Kong Financial Research Centre. He has published over 30 papers in top international journals of management science and finance, such as Management Science, Journal of Banking and Finance, Journal of Futures Markets, and Journal of Real Estate Finance and Economics, as well as top domestic journals such as Economic Research, Economics (Quarterly), Management World, and Financial Research. He has also co-authored several books in Chinese and English, including "A Study on Efficiency Losses in the Chinese Stock Market" and "Globalization and Emerging Issues in Trade Theory and Policy." His research has won numerous prestigious awards, including the Best Paper Award from the New York Stock Exchange and Euronext Financial Markets, the Chicago Quantitative Research Consortium Academic Excellence Award, the Best Paper Award from the Asia Pacific Derivatives Association, and the Best Paper Award from the World Chinese Real Estate Association.
Dr. Cheng Xin received her master's degree from the Institute of Economics at Shandong University and was supervised by Professor Zhou Yinggang during her doctoral studies. From 2017 to 2018, she was invited by Professor Ralph and Mary Otis Isham Ali of the University of Chicago to visit and exchange ideas at the University of Chicago for a year.
This study established a network of mutual influences among national currency exchange rates by constructing a vector autoregression model, and further investigated the effects of measures such as policy coordination, unimpeded trade, financial integration, people-to-people bonds, and infrastructure connectivity on the influence of the RMB. The results show that since the Belt and Road Initiative was proposed, the influence of the RMB has increased in participating and Belt and Road countries. Meanwhile, visits by leaders abroad, imports, foreign investment, and the deep involvement of the Asian Infrastructure Investment Bank (AIIB), the Silk Road Fund, and the China Development Bank all contribute to the rise in RMB influence.