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△坠s![自堕 亟±堂位论奎 Abstract ARer refo皿oftheRMB rate thenew implemented repeated eXchaIlgeregime,China tomarketdemalldwithreferencetoabaSketofcurrencies,amanagedfloating
regime rate 2 recent I蝴B rateshowsthe 1,2005。In yearS,theexchange
exchangesystem舶mJuly
trendof economic and increasingappreciation.China’srapid
intemationalstatushasbeenenhancedto thecontinuous oftheRJV【B. bring appreciation The of ratedetemlinationthatthe rateisdecidedand theor r analysis exchange exchange
a艉ctedwhich withthe oftheeconomiesituation。There by factors,itdeVelops deVelopment
aresome of theories,includingintemationallendingtheory,theorypurchasingpowerpari吼 mte markets most
interest theo r r,imemationaltheory’aSsettheory.The p础ty payments
f.锄ousisthePPP.Inthe ofthereal Balassa—Samuelsone行ectisthe study exchangerate,the
矗rst whichbasedon thedeViationofthereal theory purchasingpowerpari咄explaining rateand me of estaIblished
exchangepurchasingpowerparity行omperspectiVeproductiVity,it
contactbetweenthe rateaJld thelabor exchaJlgeproductiVity.whenproductivityincreasing betweentrade andnon—tradedsectOrOf is lowerthan
degree goods gOOds f-oreignrelatiVely will an
the national have recent havea nationaI,thecurrency appreciation.Inyears,China economic hasbeen RMB trendis
rapid gro、vth,l£LborproductiVity appreciation up铲aded,the sch01arstriedtousetheBalaSsa—S锄uelsonefrectofRMBto the
unstoppable,Many study
real rate moVements. exchange PPPmodeIconsidersthe ofthe rate the of moVingexchangeonIy丘omperspectiVeprice,
itcan considerthefactors the wecanintroducethe not如lly afrectingexchangerate,so
macroeconomicVariableGDPto the of rate.Thisstansfrom analyzechaJlgesexchange paper
thediVisionoftradableaJldnon—tradablesectorand di仟erencesbetweentwo pmductivity with totestwhethertheGDP on
countries,combiningpurchasingpo、verparit rtheory impact
thereal the rate.HoweVerofthe isdetennined exchange price purchasingpowerparity by and add totheBSe仃’ectsto the
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