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asia economic analyst Under the hood of RMB inflows推荐.pdf

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asia economic analyst Under the hood of RMB inflows推荐

April 25, 2014 Issue No: 14/17 Asia Economics Analyst Economics Research Under the hood of RMB inflows Andrew Tilton +852-2978-1802 andrew.tilton@  The dramatic CNY move since February represents a notable break Goldman Sachs (Asia) L.L.C. from the previous gradual but sustained appreciation. While this has shaken the perception of one-way risk on the currency, inflows Goohoon Kwon, CFA +82(2)3788-1775 goohoon.kwon@ as recently as in March appear to have remained solid, even if Goldman Sachs (Asia) L.L.C., Seoul Branch more moderated than previously. What has been driving the RMB inflows? In this report we look closely at the mechanisms of RMB Tushar Poddar +91(22)6616-9042 tushar.poddar@ flows and assess the forces behind each of them. Goldman Sachs India SPL  We highlight that the on/offshore CNH-CNY arbitrage has Li Cui +852-2978-0784 li.cui@ increased in importance and become a major driver for RMB Goldman Sachs (Asia) L.L.C. inflow pressure. The arbitrage is manifested in strong net RMB payments by onshore importers to offshore counterparts and a Yu Song