This article examines the financial linkage between the RMB and other Asian currencies before and after the Asian financial crises in 1997 and 1998 to shed light on the role of China in Asian monetary integration. A newly developed econometrics methodology is employed to test the relationships among financial time series. Empirical test results indicate that correlations between the RMB and other East Asian currencies were higher after the 1997 Asian crisis than before the crisis.
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Wang et al. (2010) studied this question.
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