韩国央行-近期韩元与人民币的联动（英）-2025.pdfVIP

No.2025-16BANKOFKOREA

BOKIssueNote

June16,2025

RecentCo-MovementbetweentheKoreanWonand

theChineseYuan

ChoiMoonJungChoSangheumLeeJaeYoungOhKyungheon

SeniorEconomist,Economist,Economist,Economist,

InternationalFinanceResearchTeam,InternationalFinanceResearchTeam,ForeignExchangeMarketTeam,ForeignExchangeMarketTeam,

InternationalDepartment,InternationalDepartment,InternationalDepartment,InternationalDepartment,

BankofKoreaBankofKoreaBankofKoreaBankofKorea

Tel.02-759-5995Tel.02-759-5970Tel.02-759-5778Tel.02-759-5740

mjchoi@bok.or.krscho@bok.or.krjaeyounglee@bok.or.krkyungheonoh@bok.or.kr

1.Therecentriseinglobaltradeprotectionismhasincreaseduncertaintyregardingthe

futurepathoftheChineseyuan(CNY),therebydrawinggreaterattentiontotheeffects

ofCNYmovementsontheKoreanwon(KRW).Againstthisbackdrop,thispaper

investigatesthebackgroundandstylizedfactsofthesynchronizationbetweentheKRW

andtheCNY.Basedonempiricalanalysis,itdocumentsthekeycharacteristicsofthis

co-movementacrosscountries,overtime,andunderdifferentexchangerateregimes,and

derivesrelevantimplications.

2.TheKRWandCNYhaveexhibitedaconsistentlyhighdegreeofco-movement,although

thestrengthofthiscorrelationhasfluctuatedovertime.Thecorrelationcoefficientro