Kathy Yuan, Lu Zheng and Qiaoqiao Zhu examined share returns in 48 countries until the end of July 2001, from start dates as far back as 1965.

ECONOMIST: How the sun and the moon move markets

China's Mr Zhu says the two sides broadly agree the yuan must continue to strengthen against the US dollar, but they differ on the speed of appreciation.

BBC: China to flex its financial muscles at US meeting

"There's been an increase in hot-money inflows, but the PBOC may find it difficult to let the yuan rise too fast or tighten monetary conditions too dramatically because the economic recovery remains slower than expected, " said Zhu Chaoping, head of research at ChinaScope Financial, a research and data firm partly owned by Moody's Corp.

WSJ: Investors Seek Clarity From People's Bank of China