Notice of RetractionEmpirical Analysis on the Volatility Transmission of RMB Exchange Rate Under the 2007 Subprime Crisis

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

Since the reform of RMB exchange rate regime in 2005, RMB exchange rate is much more flexible and volatile. The status and influence of RMB are greater with the sustained growth of Chinese economy. This paper investigates the international linkage between RMB exchange rate and other currency exchange rates, especially Asian currencies using the multivariate GARCH model. To investigate the impact of the financial crisis caused by the subprime crisis, we divide the sample into two parts: pre-crisis period and crisis period. Finally, we find that there is evidently shock transmission of RMB during the crisis and give a few concluding remarks and some suggestions for future research on volatility transmission of RMB exchange rate under empirical analysis.