Study on the Appreciation of the RMB Based on Equilibrium Exchange Rate

the problem of rationality of RMB rate of exchange actually is whether actual rate of exchange deviates the balanced rate of exchange or not.After the consideration characteristics of transforming economic and the analysis to the factors of the basic economic,we build up the model of RMB equilibrium rate of exchange,and compare the actual rate of exchange with the equilibrium rate of exchange that we estimate through the model.We discover that RMB is really under-estimation,but the out of tune degree is not big.This text still put forward the suggestion of adjustment of the RMB rate of exchange.