The article examines how China, Hong Kong, and Taiwan are connected economically. By looking at interest rates, exchange rates, and prices, the researchers found that these countries are becoming more integrated over time. Even though the connections aren't perfect all the time, they are getting closer to being in line with each other. China and Hong Kong, in particular, have shown significant progress in becoming more connected. The ups and downs in exchange rates are a big factor in how closely these countries are linked economically.