The Undisclosed Renminbi Basket:rnare The Markets Telling Usrnsomething About Where Thernrenminbi-us Dollar Exchangernrate Is Going?

摘要

One issue which has been the subject of intensive debate among academic economists and politicians alike is the renminbi (RMB) exchange rate. On 21 July 2005, after more than a decade of pegging the renminbi to the US dollar (USD) at an exchange rate of 8.277, the People's Bank of China (PBoC) announced a revaluation of the currency, together with a reform of the exchange rate regime.1 In the new regime, the PBoC manages the RMB against an undisclosed basket of currencies of the main trading partners.rnegn