德国汉堡大学教授对于人民币升值的计量经济模型推断-

1. INTRODUCTION

MISALIGNMENT in the Chinese currency, the renminbi, has been the focus

of much recent interest. Since it was devalued in 1994, China’s currency

has been kept at a constant nominal level to the US dollar despite China’s rapid

economic growth, rising productivity, vibrant exports and massive foreign direct

investment inflows – all factors that normally cause a currency to appreciate.1

Moreover, the resulting build-up of central bank foreign reserves in itself is

sufficient to justify renminbi appreciation.

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