An empirical analysis of China's long run equilibrium exchange rate
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This study represents an empirical analysis of the extent to which China's currency deviates from its long run equilibrium path. The research is based on a cointegrated econometric model of the exchange rate between the Chinese RMB and the American dollar. Using the econometric model, a series of long run equilibrium values for the RMB/USA rate is computed, which is then compared to its historical values in order to derive a time path for extent of disequilibrium.
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