人民币币值高估或低估的标准分析

The RMB Currency Value Overestimates The Standard Analysis of Which or Underestimated

评价人民币币值高估或低估的关键是比较标准的确定。理论界一般以两种均衡汇率作为人民币高估或低估的比较标准,即采用购买力平价修正模型实证分析取得的均衡汇率和采用一般均衡实证分析取得的均衡汇率。然而现实中由这两种方法得出的人民币币值高估与否的结论很不一致,甚至十分矛盾。作者认为,汇率作为一国货币表示的另外一国货币的价格,比较的标准应该是像一般商品的价值一样反映货币的本质,也就是货币的实际购买力,而均衡汇率作为外汇市场一国货币的均衡价格,不宜作为比较标准。

The appraisal Renminbi currency value overestimates the key which or underestimated is the quite standard determination. The theory generally overestimates by two kind of balanced exchange rates as the Renminbi or underestimates quite is standard, namely uses the balanced exchange rate which the purchasing revision model real diagnosis analysis obtains and uses the balanced exchange rate which the general balanced real diagnosis analysis obtains. However in the. reality which draws the Renminbi currency value o- verestimates or not the conclusion by these two methods not to be very inconsistent, even is extremely contradictory. This article believed that, the exchange rate took a country currency expression other country currency price, compared with the standard should be looked like general commodity the value same reflec- tion currency essence, is also the currency actual purchasing power, but the balanced exchange rate took a foreign exchange market country currency the balanced price, not the suitable achievement quite is standard.