【摘要】 一种货币兑其他货币的贬值(或升值)率计算方法较为重要,也是外汇市场上投资者关注的焦点.目前我国外汇管理局公布的方法主要使用简单收益率法,这种方法的好处是计算简单;但缺陷是:简单收益率方法所计算出的贬值(或升值)率是实际值的有偏估计,统计上讲就不能作为实际值的有效估计值.而如果把外汇当成资产,就应该用资产收益率的连续复利计算方法来算一种货币兑其他货币的贬值(或升值)率.本文给出了如何用连续复利收益率方法来计算人民币兑其他货币的贬值(或升值)率公式.并建议今后我国外汇市场给出连续复利的计算值.更多还原

【Abstract】 The method in computing the depreciation(or appreciation) percentage of the exchange rate is very important,and investors in the exchange market also care about it.However,the present computational method is the simple ratio of returns method.The advantage of this method is very simple,but it will result in biased estimates of average return.If we regard the foreign exchange as an asset,we should use the continuous rate of returns to calculate the depreciation(or appreciation) percentage of the Renminbi.This article suggested that we should use the continuous rate of returns in our country’s foreign exchange market and presented how to use this method.更多还原