摘要
本文以相对购买力平价估算了人民币官方汇率。实证发现,近年来人民币官方汇率的波动基本符合相对购买力平价,这给出了1997年以来人民币汇率稳定的理论基础。以1997年官方汇率与1995年可贸易商品绝对购买力平价汇率为基期汇率,目前人民币大约低估10￣15%。以2000年官方汇率为基期汇率,人民币大约低估4%。
The renminbi exchange rate is valued by relative purchasing power parity in this thesis and some conclusions are obtained. The volatility of official renminbi exchange rate and the relative purchasing power parity match well in recent years, which lays the theoretical foundation that Chinese renminbi exchange rate has been stable since 1997. Renminbi is probably undervalued 10-15% based on the official exchange rate in 1997 and the merchandise absolute purchasing power parity exchange rate in 1995. But based on the official exchange rate in 2000, renminbi is undervalued about 4%.
出处
《国际金融研究》
CSSCI
北大核心
2005年第6期52-56,共5页
Studies of International Finance
