RMB equilibrium exchange rate and misalignment: Insights from the CN-NATREX Model

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-30 DOI:10.1016/j.frl.2025.107481

Wei Wei, Zefeng Tang

引用次数: 0

Abstract

This study builds a RMB natural equilibrium exchange rate (CN-NATREX) model to evaluate the impact of intensifying international competition on the RMB’s NATREX and misalignment. Using China’s data, we confirm the model’s robustness, obtaining dynamics of equilibrium and competition. Results indicate that the RMB underwent an adjustment period from 2013 to 2014. Before this period, the RMB was undervalued; subsequently, it became significantly overvalued, with a misalignment forming a left-tailed inverted U. The findings strengthen the NATREX framework, offering an innovative approach for exchange rate policy amid complex global economic dynamics.

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人民币均衡汇率与失衡：来自CN-NATREX模型的启示

本文构建人民币自然均衡汇率（CN-NATREX）模型，评估国际竞争加剧对人民币自然均衡汇率和汇率失调的影响。利用中国的数据，我们证实了模型的稳健性，得到了均衡和竞争的动态。结果表明，2013 - 2014年人民币汇率经历了一个调整期。在此之前，人民币被低估；随后，它变得明显高估，错位形成左尾倒u形。研究结果加强了NATREX框架，为复杂的全球经济动态下的汇率政策提供了一种创新方法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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