验证中国的汇率制度，Examining the Exchange Rate Regime for China，Guo Jin，Graduate School of Economics, Osaka Prefecture University，International Research Journal of Finance and Economics，Issue 25 (2009)

Abstract
The objective of this study is to evaluate what exchange rate regime China has actually been following after the exchange rate system reform on July 21 2005. Firstly, according to the Granger causality test we found that there is evidence to suggest that the
causal relationship between the dollar and yuan is significant in the pre-reform period but disappears in the post-reform period sample. Next, we estimated the weights of major currencies in the currency basket of China based on the innovation accounting approach. The result suggests that the dollar continues to play an important role for China even in the post-reform period, which hardly suggests that a currency basket regime is actually in effect.