China’s Financial Markets and Internationalization of the Renminbi

17–18 September 2012 / Helsinki

Organized by the Central Bank-Academia Network on the Chinese Economy Workshop

Participation by invitation only
This programme was updated on 4 September, 2012.

Programme for workshop on

China’s financial markets and internationalization of Renminbi

Helsinki, 17-18 September, 2012
Organized by the Central Bank-Academia Network on the Chinese Economy
(BOFIT & CEA-Europe)
Bank of Finland, Auditorium, Rauhankatu 19
 
Monday, September 17
9.30 Opening words by Member of the Board, Dr. Seppo Honkapohja
9.40-10.40 Invited lecture 1 on RMB internationalization
Academician Yu Yongding (Chinese Academy of Social Sciences)
   
10.40-12.00  Session1: Exchange rate arrangements 1
  - Christoph Fischer (Bundesbank): Currency blocks in the 21st century
  - Heikki Oksanen (University of Helsinki): Re-pegging the renminbi to a basket: issues and implications
  - Discussant: Hubert Fromlet (Linnaeus University)
   
12.00-13.00 Lunch break
   
13.30-14.20  Session2: Internationalization of RMB
  - Yuning Gao (University of Cambridge): Renminbi internationalization as a response to the global imbalance
  - Discussant: Mikael Mattlin (Finnish Institute of International Affairs)
   
14.25-15.45  Session 3: Exchange rate arrangements 2
  - Kefei You (London Metropolitan University) and Nicolas Sarantis (Cass Business School, City University London): Structural breaks and the equilibrium real effective exchange rate of China: A NATREX approach
  - Yi David Wang (University of International Business and Economics, Beijing): Convertibility restriction in China's foreign exchange market and its impact on forward pricing
  - Discussant: Iikka Korhonen (BOFIT, Bank of Finland)
   
16.00-17.00 Invited lecture 2 on RMB internationalization
Executive Director (Research), Dr. He Dong (Hong Kong Monetary Authority)
   
Tuesday, September 18
9.00-11.00  Session 4: Monetary policy and China's financial system
  - Alicia García-Herrero (BBVA), Eric Girardin (AMSE-GREQAM, Aix-Marseille University), Sandrin Lunven (GREQUAM, Aix-Marseille): Monetary policy transmission on the yield curve in China during the financial crisis
  - Pierre Siklos (Wilfrid Laurier University): Prolonged reserves accumulation, credit books, asset prices and monetary policy in Asia
  - Aaron Mehrotra (Bank for International Settlements): Removing excess liquidity from the financial system by issuing central bank securities –The case of China
  - Discussants: Aaron Mehrotra (Bank for International Settlements) and Pierre Siklos (Wilfrid Laurel University)
   
11.00-12.00 Invited lecture 3 on interest rate liberalization in China
Director Xuechun Zhang (Research Institute, People's Bank of China)
   
12.00-13.00 Lunch break
   
13.00-14.00 Invited lecture 4 on the role of Hong Kong in RMB internationalization
Prof. Yin-Wong Cheung, City University of Hong Kong,
   
14.00-15.20  Session 5: Banking sector development
  - Zuzana Fungacova (BOFIT, Bank of Finland), Pierre Pessarossi (University of Strasbourg), Laurent Weill (University of Strasbourg): Is Bank Competition Detrimental to Efficiency? Evidence from China
  - Alicia García-Herrero (BBVA), Daniel Santabarbara (Banco de España): Is China’s banking sector promoting its economic development? An assessment of an unorthodox banking reform
  - Discussant: Maggie Fu (University of Macao)
   
15.30-16.50  Session 6: China's financial markets
  - Jeremy C. Goh, Fuwei Jiang and Jun Tu (Singapore Management University): Can US economic variables predict the Chinese stock market?
  - Eric Girardin (AMSE-GREQAM, Aix-Marseille University) and Roselyne Joyeux (Macquarie University): Macro fundamentals as a source of stock market volatility in China: a GARCH-MIDAS approach
  - Discussants: Tuuli Koivu (Bank of Finland) and Helinä Laakkonen (Bank of Finland)
   
17.00  End of the Workshop