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Is the renminbi undervalued?

  • Jan Lemmen

A debate has raged whether and to what extent the renminbi has been undervalued. To answer this question this memorandum is first interested in the level of China’s “equilibrium†(real effective) exchange rate. Secondly, this memorandum is interested in the methodology to determine the equilibrium exchange rate. A survey of the literature concludes toward a renminbi undervaluation of about 25% in real effective terms. This undervaluation is not expected to disappear any time soon.

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Paper provided by CPB Netherlands Bureau for Economic Policy Analysis in its series CPB Memorandum with number 166.

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Date of creation: Oct 2006
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Handle: RePEc:cpb:memodm:166
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  1. Obstfeld, Maurice & Rogoff, Kenneth S, 2005. "The Unsustainable US Current Account Position Revisited," Center for International and Development Economics Research, Working Paper Series qt4f63x50j, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
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