Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system ...Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system inChina, the exchange rate mechanism of Renminbi must bethoroughly transformed. To accomplish this goal, I believethere are three problems that must be solved: first,展开更多
To clarify the changes in plant photosynthesis and mechanisms underlying those responses to gradually increasing soil drought stress and reveal quantitative relationships between photosynthesis and soil moisture,soil ...To clarify the changes in plant photosynthesis and mechanisms underlying those responses to gradually increasing soil drought stress and reveal quantitative relationships between photosynthesis and soil moisture,soil water conditions were controlled in greenhouse pot experiments using 2-year-old seedlings of Forsythia suspensa（Thunb.） Vahl. Photosynthetic gas exchange and chlorophyll fluorescence variables were measured and analyzed under 13 gradients of soil water content. Net photosynthetic rate（PN）, stomatal conductance（gs）, and water-use efficiency（WUE） in the seedlings exhibited a clear threshold response to the relative soil water content（RSWC）. The highest PNand WUEoccurred at RSWCof51.84 and 64.10%, respectively. Both PNand WUEwere higher than the average levels at 39.79% B RSWCB 73.04%. When RSWCdecreased from 51.84 to 37.52%,PN, gs, and the intercellular CO2 concentration（Ci）markedly decreased with increasing drought stress; the corresponding stomatal limitation（Ls） substantially increased, and nonphotochemical quenching（NPQ） also tended to increase, indicating that within this range of soil water content, excessive excitation energy was dispersed from photosystem II（PSII） in the form of heat, and the reduction in PNwas primarily due to stomatal limitation.While RSWCdecreased below 37.52%, there were significant decreases in the maximal quantum yield of PSII photochemistry（Fv/Fm） and the effective quantum yield of PSII photochemistry（UPSII）, photochemical quenching（qP）, and NPQ; in contrast, minimal fluorescence yield of the dark-adapted state（F0） increased markedly. Thus,the major limiting factor for the PNreduction changed to a nonstomatal limitation due to PSII damage. Therefore, an RSWCof 37.52% is the maximum allowable water deficit for the normal growth of seedlings of F. suspensa, and a water content lower than this level should be avoided in field soil water management. Water contents should be maintained in the range of 39.79% B RSWCB 73.04% to ensure normal function of the photosynthetic apparatus and high levels of photosynthesis and efficiency in F.suspensa.展开更多
The Renminbi(RMB)exchange rate regime reform has gone through three stages roughly once every decade since 1994.It is a structural evolution through the unification of dual exchange rates,increased fluctuations and ce...The Renminbi(RMB)exchange rate regime reform has gone through three stages roughly once every decade since 1994.It is a structural evolution through the unification of dual exchange rates,increased fluctuations and central parity rate reform in response to the dynamic macro environment in China and abroad.This paper unpacks leading and supporting reforms for each stage and reviews the effects.The reform has developed historical experience in adopting progressive strategies,avoiding sharp exchange rate fluctuations in the near term,maintaining appropriate capital controls,and guaranteeing the reform through domestic structural reforms.Achieving a free-floating exchange rate will be the ultimate goal,but it will not be made easily in the short run.During the transitional period,it is recommended that an annual target zone for RMB's effective exchange rate be arranged for the CFETS currency basket,along with necessary capital controls.展开更多
In this article, we use the unrestricted two-regime autoregressive threshold model to test both nonlinearity and stationarity of China's real exchange rate against its Hong Kong and Macao special administrative re...In this article, we use the unrestricted two-regime autoregressive threshold model to test both nonlinearity and stationarity of China's real exchange rate against its Hong Kong and Macao special administrative regions(SARs). Our main finding is that China's real exchange rate is neither linear nor stationary, indicating that the purchasing power parity does not hold between China Mainland and its two SARs, which implies, to certain extent, the three economies may not meet the condition of constituting an optimal currency area.展开更多
This paper examines structural changes in China s exchange rate mechanism.For this purpose,we propose a predictive model incorporating three factors that influence the central parity rate:a smoothing factor,a market f...This paper examines structural changes in China s exchange rate mechanism.For this purpose,we propose a predictive model incorporating three factors that influence the central parity rate:a smoothing factor,a market factor,and a basket factor.We first apply the model to analyze the effects of 12 exchange rate reforms since 2005,treating these reforms as predetermined structural breaks.Among other results,we find that the main impact of introducing a“counter-cyclical factor”is to weaken the role of the basket factor.We estimate structural breaks in data,assuming that the number and dates of breaks are unknown,and we find that,although the majority of estimated breaks occur within the neighborhood of exchange rate reforms,there are breaks due to other external shocks such as the escalation of the China-US trade conflict in May 2019.It is suggested that our model may be used to guide future currency reforms in China.展开更多
China’s recent declaration of principles on its exchange rate mechanism has made it veryclear that any move should be on China’s own initiative; such a move should be sustainableand under control. China has adopted ...China’s recent declaration of principles on its exchange rate mechanism has made it veryclear that any move should be on China’s own initiative; such a move should be sustainableand under control. China has adopted gradualism in the exchange rate reform process. OnJuly 21st, 2005, China changed Renminbi (RMB) parity (appreciation) by 2 percent, signalingthe exchange market reform process. This paper is to study the past history of the crawling-peg of RMB on the US dollar with a view of its future reform. The flexibility provided by thecrawling-peg still fits well with China’s status quo. However, the flexible mechanism shouldfollow the trend of China’s economic development with well-timed parity changes. Theextent of the fluctuation band rests upon China’s ability to maintain its currency stability tocounter future speculation and shocks. Only when the market mechanism is restored inChina can an equilibrium RMB exchange rate be reached.展开更多
文摘Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system inChina, the exchange rate mechanism of Renminbi must bethoroughly transformed. To accomplish this goal, I believethere are three problems that must be solved: first,
基金supported by the National Natural Science Foundation of China(Nos.41621061,31500511)the Natural Science Foundation of Shandong Province of China(No.ZR2015CL044)
文摘To clarify the changes in plant photosynthesis and mechanisms underlying those responses to gradually increasing soil drought stress and reveal quantitative relationships between photosynthesis and soil moisture,soil water conditions were controlled in greenhouse pot experiments using 2-year-old seedlings of Forsythia suspensa（Thunb.） Vahl. Photosynthetic gas exchange and chlorophyll fluorescence variables were measured and analyzed under 13 gradients of soil water content. Net photosynthetic rate（PN）, stomatal conductance（gs）, and water-use efficiency（WUE） in the seedlings exhibited a clear threshold response to the relative soil water content（RSWC）. The highest PNand WUEoccurred at RSWCof51.84 and 64.10%, respectively. Both PNand WUEwere higher than the average levels at 39.79% B RSWCB 73.04%. When RSWCdecreased from 51.84 to 37.52%,PN, gs, and the intercellular CO2 concentration（Ci）markedly decreased with increasing drought stress; the corresponding stomatal limitation（Ls） substantially increased, and nonphotochemical quenching（NPQ） also tended to increase, indicating that within this range of soil water content, excessive excitation energy was dispersed from photosystem II（PSII） in the form of heat, and the reduction in PNwas primarily due to stomatal limitation.While RSWCdecreased below 37.52%, there were significant decreases in the maximal quantum yield of PSII photochemistry（Fv/Fm） and the effective quantum yield of PSII photochemistry（UPSII）, photochemical quenching（qP）, and NPQ; in contrast, minimal fluorescence yield of the dark-adapted state（F0） increased markedly. Thus,the major limiting factor for the PNreduction changed to a nonstomatal limitation due to PSII damage. Therefore, an RSWCof 37.52% is the maximum allowable water deficit for the normal growth of seedlings of F. suspensa, and a water content lower than this level should be avoided in field soil water management. Water contents should be maintained in the range of 39.79% B RSWCB 73.04% to ensure normal function of the photosynthetic apparatus and high levels of photosynthesis and efficiency in F.suspensa.
基金funded by the Center for Modern Financial Studies under Shanghai Jiao Tong University,presents the latest progress in CASS's innovation project on Development Trends and Interconnections of Global and Chinese Financial Markets.
文摘The Renminbi(RMB)exchange rate regime reform has gone through three stages roughly once every decade since 1994.It is a structural evolution through the unification of dual exchange rates,increased fluctuations and central parity rate reform in response to the dynamic macro environment in China and abroad.This paper unpacks leading and supporting reforms for each stage and reviews the effects.The reform has developed historical experience in adopting progressive strategies,avoiding sharp exchange rate fluctuations in the near term,maintaining appropriate capital controls,and guaranteeing the reform through domestic structural reforms.Achieving a free-floating exchange rate will be the ultimate goal,but it will not be made easily in the short run.During the transitional period,it is recommended that an annual target zone for RMB's effective exchange rate be arranged for the CFETS currency basket,along with necessary capital controls.
基金the National Natural Science Foundation of China(No.71373219)
文摘In this article, we use the unrestricted two-regime autoregressive threshold model to test both nonlinearity and stationarity of China's real exchange rate against its Hong Kong and Macao special administrative regions(SARs). Our main finding is that China's real exchange rate is neither linear nor stationary, indicating that the purchasing power parity does not hold between China Mainland and its two SARs, which implies, to certain extent, the three economies may not meet the condition of constituting an optimal currency area.
基金the Natural Science Foundation of China(No.71673183).
文摘This paper examines structural changes in China s exchange rate mechanism.For this purpose,we propose a predictive model incorporating three factors that influence the central parity rate:a smoothing factor,a market factor,and a basket factor.We first apply the model to analyze the effects of 12 exchange rate reforms since 2005,treating these reforms as predetermined structural breaks.Among other results,we find that the main impact of introducing a“counter-cyclical factor”is to weaken the role of the basket factor.We estimate structural breaks in data,assuming that the number and dates of breaks are unknown,and we find that,although the majority of estimated breaks occur within the neighborhood of exchange rate reforms,there are breaks due to other external shocks such as the escalation of the China-US trade conflict in May 2019.It is suggested that our model may be used to guide future currency reforms in China.
基金This study is financed by the project of National Natural Science Foundation of China.
文摘China’s recent declaration of principles on its exchange rate mechanism has made it veryclear that any move should be on China’s own initiative; such a move should be sustainableand under control. China has adopted gradualism in the exchange rate reform process. OnJuly 21st, 2005, China changed Renminbi (RMB) parity (appreciation) by 2 percent, signalingthe exchange market reform process. This paper is to study the past history of the crawling-peg of RMB on the US dollar with a view of its future reform. The flexibility provided by thecrawling-peg still fits well with China’s status quo. However, the flexible mechanism shouldfollow the trend of China’s economic development with well-timed parity changes. Theextent of the fluctuation band rests upon China’s ability to maintain its currency stability tocounter future speculation and shocks. Only when the market mechanism is restored inChina can an equilibrium RMB exchange rate be reached.
