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

  • "Assessing the CNH-CNY pricing differential: role of fundamentals, contagion and policy" (with M Funke, X Q Cheng and S Eraslan), Journal of International Money and Finance (forthcoming).
  • " 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.