Has Exchange Rate System Reform Improved the Misalignment Degree of RMB Exchange Rate

Has the reform of RMB exchange rate system,to a certain extent,improved the RMB exchange rate misalignment degree? To answer this question will contribute to evaluate if the current RMB exchange rate system reform is successful or not,and to rise the next reform suggestions.Therefore,this paper firstly builds up the RMB equilibrium exchange rate model,and then measures and calculates the RMB real exchange rate misalignment degree.The results show that,the strictly-managed floating exchange rate system has greatly constrained the adjustment of the real exchange rate to converge to the equilibrium exchange rate,and to some extent,it results in the exchange rate disorder.But in 2005 and 2010 the reform of RMB exchange rate has gradually eased the misalignment situation.This provides a good basis for RMB exchange rate adjustment reaching to near equilibrium rate.