The Impact of Yuan Revaluation on the Asian Region

24 Pages Posted: 27 Aug 2007

See all articles by Glenn Hoggarth

Glenn Hoggarth

Bank of England

Hui Tong

International Monetary Fund (IMF)

Date Written: July 2007


This paper studies how an appreciation of the yuan affects the exports of other Asian countries. It finds mixed effects. Countries that export consumer goods to China or compete in third markets benefit from yuan appreciation, while countries that supply capital goods to China lose. These findings suggest that a revaluation of the yuan may not lead to a generalised revaluation of Asian currencies.

Keywords: Global imbalance, exchange rate, China and Asia

JEL Classification: F3, F4

Suggested Citation

Hoggarth, Glenn and Tong, Hui, The Impact of Yuan Revaluation on the Asian Region (July 2007). Bank of England Working Paper No. 329, Available at SSRN: or

Glenn Hoggarth (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Hui Tong

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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