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The Medium and Long-term Trend of RMB Exchange Rate

Peng Wenshen

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Abstract

Recently the extent of the depreciation of RMB exchange rate is large, which causes a wide attention. As the basic macro variable price, the exchange rate is extremely important, which not only affects the macroeconomic situation but also affects the economic structure via the parity of domestic and foreign commodity price. The paper analyzes the reasons of RMB exchange rate changes and the impact of the depreciation of RMB exchange rate on the economy, and estimates the medium and long-term trend of the exchange rate.

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What this paper is about

Recently the extent of the depreciation of RMB exchange rate is large, which causes a wide attention. As the basic macro variable price, the exchange rate is extremely important, which not only affects the macroeconomic situation but also affects the economic structure via the parity of domestic and foreign commodity price. The paper analyzes the reasons of RMB exchange rate changes and the impact of the depreciation of RMB exchange rate on the economy, and estimates the medium and long-term trend of the exchange rate.

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Available abstract

Recently the extent of the depreciation of RMB exchange rate is large, which causes a wide attention. As the basic macro variable price, the exchange rate is extremely important, which not only affects the macroeconomic situation but also affects the economic structure via the parity of domestic and foreign commodity price. The paper analyzes the reasons of RMB exchange rate changes and the impact of the depreciation of RMB exchange rate on the economy, and estimates the medium and long-term trend of the exchange rate.

Key concepts: Renminbi, Exchange rate, Economics, Depreciation (economics), Interest rate parity, Monetary economics, Commodity, Macro

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