德国汉堡大学教授对于人民币升值的计量经济模型推断-<font color="#231f20" size="4" face="GraphicraftTimes-Roman">
<p align="left">1. INTRODUCTION</p></font><font color="#231f20" size="7" face="CloisterBlack">
</font><p align="left"><font color="#231f20" size="7" face="CloisterBlack">M</font><font color="#231f20" size="3" face="GraphicraftTimes-Roman">ISALIGNMENT in the Chinese currency, the renminbi, has been the focus</font></p>
<p align="left"><font color="#231f20" size="3" face="GraphicraftTimes-Roman">of much recent interest. Since it was devalued in 1994, China’s currency</font></p>
<p align="left"><font color="#231f20" size="3" face="GraphicraftTimes-Roman">has been kept at a constant nominal level to the US dollar despite China’s rapid</font></p>
<p align="left"><font color="#231f20" size="3" face="GraphicraftTimes-Roman">economic growth, rising productivity, vibrant exports and massive foreign direct</font></p>
<p align="left"><font color="#231f20" size="3" face="GraphicraftTimes-Roman">investment inflows – all factors that normally cause a currency to appreciate.</font><font color="#231f20" size="1" face="GraphicraftTimes-Roman">1</font></p><font color="#231f20" size="1" face="GraphicraftTimes-Roman"></font><font color="#231f20" size="3" face="GraphicraftTimes-Roman">
<p align="left">Moreover, the resulting build-up of central bank foreign reserves in itself is</p>
<p align="left">sufficient to justify renminbi appreciation.</p></font>[Money=2][/Money]