【摘要】 检验了人民币与美元汇率的购买力平价方法的应用条件是否成立,并利用购买力平价方法估计了人民币和美元的均衡汇率。估计结果表明,1985年以前人民币汇率存在长期高估的现象,1985年以后则出现高估和低估交替出现的现象,并且人民币高估或低估的平均幅度有所缩小。说明,人民币汇率已经进入一个相对稳定的变化发展阶段。更多还原

【Abstract】 The purchasing power parity (PPP) of Renminbi (RMB)/Dollar is tested, and estimated the equilibrium exchange rate of RMB/Dollar, resorting to PPP means. The estimated outcome indicates RMB exchange rate was o-vervalued before 1985, and the overvalued and the undervalued happen alternately and the average deviation has been somewhat decreased after 1985. Meanwhile, it also implies that RMB exchange rate has entered into the phase of relative steady.更多还原