摘要
The renminbi appreciated against the U.S.dollar by 21% from July 2005 to February 2009.Thousands of enterprises f iled bankruptcy and many people lost their jobs in 2007-2008,all of which was possibly the result of over-appreciation.Nevertheless,estimation of the RMB equilibrium rate in recent studies shows that the current rate is still undervalued.By estimating the RMB fundamental equilibrium exchange rate,in contrast with other studies,we have found that the RMB rate may have been overvalued by the end of 2008.
The renminbi appreciated against the U.S.dollar by 21% from July 2005 to February 2009.Thousands of enterprises f iled bankruptcy and many people lost their jobs in 2007-2008,all of which was possibly the result of over-appreciation.Nevertheless,estimation of the RMB equilibrium rate in recent studies shows that the current rate is still undervalued.By estimating the RMB fundamental equilibrium exchange rate,in contrast with other studies,we have found that the RMB rate may have been overvalued by the end of 2008.
