验证汇率制度：中国是否从盯住美元改为盯住一篮子？Exchange Rate Regime Verification: Has China Actually Moved from a Dollar Peg to a Basket Peg?Imad Moosa, Monash University，Tony Naughton, RMIT，Larry Li, La Trobe University，2008


Abstract
An attempt is made to verify the exchange rate regime that China has been following since 21 July 2005 when a policy shift was implemented, presumably taking China from a dollar peg to a basket peg. The results show that while a regime of simple and strict dollar peg has indeed been abandoned, the evidence does not support the proposition that the current exchange rate regime is a basket peg. It is suggested, based on the empirical results, that the current Chinese regime is some sort of a discretionary crawling peg against the U.S. dollar. It is argued that this regime is consistent with the Chinese objectives of maintaining a competitive advantage while avoiding a trade war with the U.S.