Paper Title
Information Transmission in the Onshore and Offshore RMB Markets

The study investigates the impact of the improved central parity quotation on price discovery between onshore (USD/CNY) and offshore (USD/CNH) markets. We find that USD/CNH market provides greater contribution to RMB price discovery and the relatively rising contribution of USD/CNH is attributed to improved quotation policy. After implement the policy, central parity could incorporate more USD/CNH market information and transmit the information to USD/CNY market. Keywords- Price discovery, USD/CNY, USD/CNH, quotation of the central parity JEL classification: F31; F38; G15