In 2015,as part of the policy of foreign exchange liberalization,the People’s Bank of China( PBo C) has introduced a new CFETS index to assess yuan( CNY) against 13 national currencies of China’s major trading partners. Simultaneously, the PBo C estimates RMB exchange rate with the help of the Bank for International Settlements index( BIS),the SDR basket of currencies and the RMB against the US dollar index. An analysis of the dynamics of the CFETS and BIS indices on daily exchange rates against 13 national currencies showed a strong mutual relationship between them. However,the numerical values of these indices differ substantially,making it difficult to choose one of them and understand what these indexes measure. To overcome these difficulties,we use the approach of Robert Schiller who proposed to apply the "baskets" containing fixed amounts of national currencies to build "True Value of Money" indexes. By selecting the "basket" of minimum variability,we use it as a Stable Aggregated Currency( SAC),which allows evaluating the dynamics of the exchange value of the yuan at a CNY/SAC coefficient of exchange,which measures the rate of CNY in SAC units. Reset
Переведенное названиеРеформа механизма обменного курса юаня - роль индексов BIS и CFETS
Язык оригиналаКитайский
Название основной публикации俄罗斯经济与政治发展研究报告 (2016)。
РедакторыЮаньчунь Лю
Место публикацииПекин
ИздательChinese Academy of Social Sciences
Страницы210-237
ISBN (печатное издание)978-7-5203-0285-2
СостояниеОпубликовано - 2017

    Области исследований

  • China; foreign exchange policy; the Yuan multiplicative indexes; currency baskets; Stable Aggregated Currency

ID: 39865714