Just how undervalued is the Chinese renminbi

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Title: Just how undervalued is the Chinese renminbi
Author: Funke, Michael ; Rahn, Jörg
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 14/2004
Year of publication: 2004
Publication date: 1.10.2004
Published in: Published in World Economy vol. 28, no 4 (2005), pp. 465-489
Pages: 35 s.
Keywords: Kiina; valuuttakurssit; Bofit-kokoelma; renminbi; RMB
JEL: F31; F32; F41; C32
Abstract: Given that the value of China s currency has been hot topic recently, this paper explores the equilibrium levels of China s real and nominal exchange rates.Employing a Johansen cointegration framework, we focus on the behavioral equilibrium exchange rate (BEER) and permanent equilibrium exchange rate (PEER) models.Our results suggest that, while the renminbi is somewhat undervalued against the dollar, the misalignment is not nearly as exaggerated as many popular claims. JEL Classifications: F31, F32, F41, C32 Keywords: Renminbi, Yuan, China, Exchange Rate, Equilibrium Exchange Rate
Rights: https://helda.helsinki.fi/bof/copyright


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