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Study the Influences of the Real Exchange Rate Misalignment of RMB on the Economic Development in China

Xianbing Cao

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Abstract

Equilibrium exchange rate is a key concept to manage the exchange rate.Based on the statistics data from 1990 to 2006,this paper uses the behavioral equilibrium exchange rate model and the cointegration theory to calculate the level of the real exchange rate misalignment of RMB as well as investigates the influences of the real exchange rate misalignment of RMB on the economic development in China.It is the conclusion that the undervaluation of RMB can promote the development of economy in our country.

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What this paper is about

Equilibrium exchange rate is a key concept to manage the exchange rate.Based on the statistics data from 1990 to 2006,this paper uses the behavioral equilibrium exchange rate model and the cointegration theory to calculate the level of the real exchange rate misalignment of RMB as well as investigates the influences of the real exchange rate misalignment of RMB on the economic development in China.It is the conclusion that the undervaluation of RMB can promote the development of economy in our country.

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Available abstract

Equilibrium exchange rate is a key concept to manage the exchange rate.Based on the statistics data from 1990 to 2006,this paper uses the behavioral equilibrium exchange rate model and the cointegration theory to calculate the level of the real exchange rate misalignment of RMB as well as investigates the influences of the real exchange rate misalignment of RMB on the economic development in China.It is the conclusion that the undervaluation of RMB can promote the development of economy in our country.

Key concepts: Renminbi, Exchange rate, Cointegration, China, Economics, Effective exchange rate, Econometrics, Monetary economics

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