中国汇率问题的经济学分析

Economic Analysis of RMB Exchange Rate

本文通过梳理中国汇率制度变迁历程,认为人民币价值被低估,并对中国经济产生了一些消极影响。人民币升值对改善美国贸易逆差并无明显作用,但增加汇率弹性有利于中美两国的经济发展。

By reviewing China＇s exchange rate system change, this paper points out that RMB is under valued, and it has negative effect on Chinese economy. RMB appreciation has limited effect on improve U.S. ＇s trade deficit, but a more flexible exchange rate has benefit for both China and U.S.＇ economy development.