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The Effect of RMB Real Exchange Rate Misalignment on China's Economic Growth

Zhe Pang

Abstract

By using the behavioral equilibrium exchange Rate model,we estimate the equilibrium real exchange rate misalignment of RMB based on the quarterly data,and then analyze the effect of the exchange rate misalignment on China's economic growth.The results show that the real exchange rate of RMB deviates from equilibrium real exchange rate in most period,and the displays as RMB real exchange rate misalignments.The undervalued RMB real exchange rate is conducive to China's economic growth;on the other side,the overvalued RMB real exchange rate is impediment for China's economic growth.

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Key concepts: Renminbi, Exchange rate, Economics, China, Effective exchange rate, Growth rate, Monetary economics, Mathematics