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Chinese Yuan after Chinese Exchange Rate System Reform

China & World Economy 2006年第6期14卷 39-57页

作者： Eiji Ogawa Michiru Sakane Graduate Student Graduate School of Commerce and Management Hitotsubashi University Kunitachi Tokyo and Research Assistant of RIETI.

In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including the balassa-samuelson effect on the Chinese yuan. It was found that the Chinese government generated a statistically significant but small change in exchange rate policy during the sample period until 25 January 2006. It was not identified that the Chinese monetary authority is adopting the currency basket system because the change is too small in the economic sense. It is indicated that the Chinese government should take account of the productivity growth of countries composing the currency basket in order to operate a currency basket regime.

关键词： Chinese exchange rate system reform currency basket system productivity balassa-samuelson effect

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Is the Chinese Renminbi Undervalued？ An Examination of the B-S effect Using Diverse Datasets

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China Economist 2011年第6期6卷 102-111页

作者：周克 Associate Professor School of Economics Southwest University for Nationalities Sichuan

In 2010, the debate over valuation of the Renminbi is again heating up and the Chinese currency has returned to appreciating against the dollar But is the Renminbi undervalued？ Drawing on the balassa-samuelson （B-S） effect on purchasing power parity, we conduct theoretical and empirical analyses of this issue. Theoretical analysis proves that a country＇s real exchange rate will appreciate with rising income, but the currencies of low-income countries tend to be undervalued. In order to avoid biased conclusions resulting from a single dataset or sampling method, we draw on three major publicly-available datasets to examine the B-S effect across 144 economies. Our results indicate that the degree of Renminbi misvaluation is highly dependent on the data source. Synthesizing analyses of diverse datasets, we estimate that the Renminbi was only undervalued by less than 8per cent in 2009. We conclude that China＇s external imbalance most probably results from deep-seated structural imbalances rather than Renminbi undervaluation.

关键词： Renminbi purchasing powerparity balassa-samuelson effect misalisznment

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