人民币实际有效汇率的测算及比较:1994—2009

On the Measurement and Comparison of 1994—2009 RMB Real Effective Exchange Rate

运用贸易加权的实际有效汇率(REER)测算方法,以1994—2009年间人民币对中国前10位主要贸易伙伴货币的双边名义汇率的中间价、物价指数及贸易额等为样本数据,对人民币实际有效汇率进行了测算和分析,得出人民币名义汇率、名义有效汇率与实际有效汇率存在明显的走势差异,包括美元在内的单一货币对人民币的名义汇率,对人民币实际有效汇率的影响不大。

By applying the trade-weighted real effective exchange rate （REER） index-measuring methods, this paper takes the bilateral nominal exchange rate parity of China＇s major trade-partners, price indices and trade volume between 1994 and 2009 as the sample data to measure and analyze the real effective exchange rate of RMB, and finds that there is a clear diagnostic？ distinction between RMB nominal effective exchange rate and real effective exchange rate and there is no significant effect of such unitary currencies as US dollar on the nominal exchange rate and real effective exchange rate of RMB.