Paper examines roster of RMB bilateral swap partners
A new paper from the Bank of Finland's Institute for Economies in Transition (BOFIT) has examined the drivers behind which countries China has set up an renminbi-denominated bilateral swap agreement (BSA) with.
Authors Alicia Garcia-Herrero and Le Xia find that a gravity motif is predominant (both in terms of country size and distance from China) but so is a trade motif, in terms of both exports to China and the existence of a free trade agreement with China.
Institutional soundness also matters
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