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Estimation and Evaluation of RMB Equilibrium Exchange Rate

Xin Yang

Abstract

The core of equilibrium exchange rate model is to analyze the effect of basic economic factors on equilibrium exchange rate, and to estimate equilibrium exchange rate according to systemic relation between equilibrium exchange rate and basic economic factors. By econometric analysis, we find that domestic investment, economic growth, used effect of foreign capital and foreign trade are the long-run deteminative factors of RMB equilibrium exchange rate. The analytic outcome indicates that RMB exchange rate has entered into the phase of relative steady.

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Key concepts: Renminbi, Exchange rate, Economics, Econometrics, Economic equilibrium, Capital (architecture), General equilibrium theory, Econometric model