2009•Contemporary Finance and EconomicsRequires access

An Analysis of RMB Exchange Rate after "the Exchange Rate Reform"

Peng Yu-liu

Abstract

Since July 21, 2005, formation mechanism of RMB exchange rate has undergone a substantial reform and basic rate exchange of RMB to US dollar is on rise unilaterally. From characteristics of macro economy and empirical analysis of models, it can be found that after exchange rate reformthe RMB monetary basket has been playing an important role, and flexibility of RMB exchange rate has been strengthened gradually. Nevertheless, since it is still regulated mainly by referring to exchange rate of US dollar, it still belongs to the system of exchange rate pegging softly at US dollar.

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Key concepts: Renminbi, Exchange rate, Liberian dollar, Exchange-rate flexibility, Economics, Monetary economics, Flexibility (engineering), Exchange-rate regime