Chang Shu

Senior Economist

Monetary and Economic Department

Chang Shu joined the BIS in 2012, and is a Senior Economist in the Monetary and Economic Department. She started at the BIS in the Representative Office for Asia and the Pacific, and currently works in the Financial Markets group. Before joining the BIS, she worked at the Hong Kong Monetary Authority and the Bank of England. Chang holds a PhD in finance from the University of Birmingham, UK. She has written on issues related to international capital movements, offshore foreign exchange markets and renminbi internationalisation.

Fields of interest

Financial markets
International capital flows
Exchange rates

Date	BIS research papers
Dec 2016	Non-deliverable forwards: impact of currency internationalisation and derivatives reform BIS Quarterly Review December 2016 Other authors: Robert Neil McCauley
Sep 2016	Regional pull vs global push factors: China and US influence on Asia-Pacific financial markets BIS Working Papers No 579 Other authors: Dong He, Jinyue Dong and Honglin Wang
Oct 2015	The influence of Chinese and US financial markets on Asia-Pacific BIS Papers No 82 Other authors: Dong He, Honglin Wang and Jinyue Dong
Oct 2015	Introduction BIS Papers No 82 Other authors: Frank Packer
Feb 2015	Assessing the CNH-CNY pricing differential: role of fundamentals, contagion and policy BIS Working Papers No 492 Other authors: Michael Funke, Xiaoqiang Cheng and Sercan Eraslan
Dec 2014	Exchange rate risk and local currency sovereign bond yields in emerging markets BIS Working Papers No 474 Other authors: Blaise Gadanecz and Ken Miyajima
Apr 2014	One currency, two markets: the renminbi's growing influence in Asia-Pacific BIS Working Papers No 446 Other authors: Dong He and Xiaoqiang Cheng
Mar 2014	Non-deliverable forwards: 2013 and beyond BIS Quarterly Review March 2014 Other authors: Robert Neil McCauley and Guonan Ma
Apr 2005	Macroeconomic conditions and banking performance in Hong Kong SAR: a panel data study BIS Papers No 22 Other authors: Stefan Gerlach and Wensheng Peng

" Assessing the CNH-CNY pricing differential: role of fundamentals, contagion and policy" (with M Funke, X Cheng and S Eraslan), Journal of International Money and Finance, vol 59, December 2015, pp 245-62. Also published as BIS Working Papers, no 492.
" One currency, two markets: the renminbi's growing influence in Asia-Pacific" (with D He and X Q Cheng), China Economic Review, vol 33, April 2015, pp 163-178.
"How much do exports matter for China's growth?" (with L Cui and X J Su), in Y W Cheung and G Ma (eds), Asia and China in the Global Economy, 2011.
"Impact of the renminbi exchange rate on Asian currencies", in W Peng and C Shu (eds), Currency internationalisation: global experiences and implications for the renminbi, Palgrave Macmillan, 2009.
" Exchange rate pass-through in China" (with X J Su), China & World Economy, vol 17, no 1, January 2009, pp 33-46.
"The macroeconomic impact on Hong Kong of hypothetical mainland shocks" (with D He), in H Genberg and D He (eds), Macroeconomic linkages between Hong Kong and mainland China, 2008.
" Renminbi derivatives: recent development and issues" (with W Peng and R Yip), China & World Economy, vol 15, no 5, October 2007, pp 1-17.
" Consumption and stock markets in Greater China" (with X Liu), Applied Economics Letters, vol 11, no 6, 2004, pp 365-8.
"Real exchange rates and capital flows", in D Dickinson and W Allen (eds), Monetary Policy, Capital Flows and Exchange Rates, Routledge, 2002.
" The relationship between financial development and economic growth: evidence from China" (with X Liu), Studies in Economics and Finance, vol 20, no 1, 2002, pp 76-84.
"International capital movements and the international dimension to financial crises" (with P Sinclair), Financial Stability and Central Banks, Routledge, 2001.
" Convergence and financial development: a non-parametric approach", The Manchester School, vol 67, issue s1, 1999, pp 66-87.