Through an empirical study, it shows: Terms of trade, degree of opening-up to the outside and government expenditure are the economic variables which determine RMB's equilibrium rate of exchange; The reform of RMB's equilibrium rate of exchange system in
Through an empirical study, it shows: Terms of trade, degree of opening-up to the outside and government expenditure are the economic variables which determine RMB's equilibrium rate of exchange; The reform of RMB's equilibrium rate of exchange system in
摘要实证研究表明：人民币均衡汇率的基本面经济变量是贸易条件、对外开放度、政府支出；1994年人民币汇率制度改革对均衡汇率有显著正影响。