In this paper, we assume that the COVID-19 pandemic exerts a time-varying asymmetric impact on the RMB exchange rate. Based on the Taylor rule model, we examine the RMB exchange rate fluctuations around the outbreak of COVID-19. We find that the RMB rate rose steadily before the outbreak but fluctuated during the pandemic. This shows that the pandemic had a transient time-varying impact on the RMB exchange rate.
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Fang et al. (2021) studied this question.
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