NDLI: Analysis of the RMB exchange rate formation mechanism based on the currency basket

Content Provider	IEEE Xplore Digital Library
Author	Hui Xiao-feng Xing Liang
Copyright Year	2014
Description	Author affiliation: Sch. of Manage., Harbin Inst. of Technol., Harbin, China (Hui Xiao-feng; Xing Liang)
Abstract	In this paper, we study the RMB exchange rate formation mechanism based on the weights of each currency in the currency basket. To figure out the composition of the currency basket of RMB exchange rate and construct the weight model of the currency basket in empirical study, we use the monthly data of the import and export among China and USA, euro area, Japan, South Korea during the period of January 2006 to December 2012. Since 2005, the People's Bank of China claimed that RMB exchange rate system will be reformed transferring from the actual pegged to the currency basket system. However, Compared with the proportion of U.S. dollar, euro, yen and won in the basket currency, we find that, at this stage, our exchange rate system is still pegged to the U.S. dollar, which will do harm to the economic development in a long term. It is essential and helpful for the formation of exchange rate to study on the composition of the currency basket in such a situation. Finally, some conclusions are get about the RMB exchange rate formation mechanism.
Starting Page	1101
Ending Page	1105
File Size	286479
Page Count	5
File Format	PDF
ISBN	9781479953752
ISSN	21551855
e-ISBN	9781479953769
DOI	10.1109/ICMSE.2014.6930351
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2014-08-17
Publisher Place	Finland
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Exchange rates trade weight Fluctuations Databases Estimation Finance economic impact Educational institutions exchange rate system currency basket
Content Type	Text
Resource Type	Article

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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