The Hong Kong Institute for Monetary and Financial Research (HKIMR) will host the 16th Workshop on “Exchange Rates” on 10-11 December 2026 in Hong Kong, jointly organised with Banka Slovenije, Banca d’Italia, the Bank for International Settlements, the European Central Bank, and the Hong Kong Monetary Authority. The workshop aims to provide a forum for discussing innovative research on analytical and policy issues related to FX markets, financial intermediation, and macrofinancial stability. Economists working in central banks, academia, or the private sector are welcome to participate and submit papers.

Refet Gürkaynak (Bilkent University and CEPR) will be the Keynote Speaker at the event.

Relevant topics include, but are not limited to:

• The drivers of exchange rates and related asset prices from a financial perspective (including the role of intermediaries);
• Exchange rates and the transmission of monetary policy;
• FX interventions and supply side shocks (e.g. tariff policies, commodity prices);
• Exchange rates and macrofinancial stability frameworks;
• FX risk premia and their drivers;
• Global linkages between capital flows, foreign exchange rates and risk appetite;
• The international use of currencies and its implications for exchange rates;
• Implications of digital and tokenised assets for FX markets 

We welcome submissions of either theoretical or empirical nature. Interested authors should submit their paper via e-mail to hkimr@hkma.gov.hk with the subject line “Submission FX Workshop 2026” by September 13, 2026. We can only consider completed papers due to the small number of papers we are able to accept. Authors of accepted papers will be notified by late September.

There is no registration fee for participation in the workshop. All participants are expected to cover their own travel and accommodation expenses.