Macroeconomic Reevaluation of CNY/USD Exchange Rate: Quantitative Impact of EUR/USD Exchange Rate

摘要

During past decade, Chinese monetary policy has been to maintain stability of exchange rate CNY/USD by creating parity between the two currencies. This policy, against market equilibrium, impacts the exchange rate in having low Yuan currency, and keeping attractiveness of Chinese industries. Using macroeconomic and statistic approach, the impact of such policy onto CNY/USD exchange rate is quantitatively determined. We also point out, in this paper, the influence of the EUR/USD exchange rate over the CNY/USD.