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The economic and political influence of China in the Asia-Pacific region is growing and the internationalization of the Chinese currency, the renminbi (RMB), is adding an additional channel of influence. This paper assesses the evolution of exchange rate co-movements against the US dollar within the region and finds that the RMB is exerting a growing influence. The degree of influence varies considerably across currencies. On the one hand, the Indonesian rupiah, the Korean won, the Malaysian ringgit, the Singaporean dollar, and the Taiwanese dollar show very strong co-movements with the RMB, while on the other hand, the Australian and the New Zealand dollars are not affected. Furthermore, the study confirms that Asian currencies move as if driven by the aim of stabilizing the effective exchange rate, thereby avoiding excessive appreciation against the USD.

Currency Co-Movements in Asia-Pacific: The Regional Role of the Renminbi