TY - CHAP

T1 - 人民币汇率形成机制改革 – BIS指数和CFETS人民币汇率指数的作用

AU - Попова, Людмила Валерьевна

AU - Колесов, Дмитрий Николаевич

AU - Хованов, Николай Васильевич

PY - 2017

Y1 - 2017

N2 - 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

AB - 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

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

M3 - глава/раздел

SN - 978-7-5203-0285-2

SP - 210

EP - 237

BT - 俄罗斯经济与政治发展研究报告 （2016）。

A2 - Лю , Юаньчунь

PB - Chinese Academy of Social Sciences

CY - Пекин

ER -