Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212544 
Year of Publication: 
2004
Series/Report no.: 
BOFIT Discussion Papers No. 14/2004
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
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.
Subjects: 
Renminbi
Yuan
China
Exchange Rate
Equilibrium Exchange Rate
JEL: 
F31
F32
F41
C32
Persistent Identifier of the first edition: 
ISBN: 
951-686-970-X
Document Type: 
Working Paper

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