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<p>Using daily open, high, low, and close prices, we examine the relationships between onshore (USD/CNY) and offshore (USD/CNH) exchange rates and the impact of the August 11, 2015 (811) exchange rate reform in China. Our findings show that the 811 reform has increased both the long- and short-term integration of offshore and onshore markets. Regarding the setting of the central parity rate, after the 811 reform, the open onshore USD/CNY rate is closer to the previous-day offshore (USD/CNH) close rate. These results indicate that the Chinese authorities have taken into account market forces in setting the central parity rate after the reform. Regarding price discovery, our results show that after the 811 exchange rate reform, the offshore USD/CNH market has become the dominant market, whereas the onshore USD/CNY market was the dominant market before the reform.</p>

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The Relationships between Onshore and Offshore US Dollar vs. Chinese Yuan Exchange Rates

  • 期刊论文

  • 发表日期：

    2025年6月25日

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  • Rita Ziqi Ju,
  • Ming-Hua Liu,
  • Keshab Shrestha

摘要

Using daily open, high, low, and close prices, we examine the relationships between onshore (USD/CNY) and offshore (USD/CNH) exchange rates and the impact of the August 11, 2015 (811) exchange rate reform in China. Our findings show that the 811 reform has increased both the long- and short-term integration of offshore and onshore markets. Regarding the setting of the central parity rate, after the 811 reform, the open onshore USD/CNY rate is closer to the previous-day offshore (USD/CNH) close rate. These results indicate that the Chinese authorities have taken into account market forces in setting the central parity rate after the reform. Regarding price discovery, our results show that after the 811 exchange rate reform, the offshore USD/CNH market has become the dominant market, whereas the onshore USD/CNY market was the dominant market before the reform.