{"id":{"repo_id":"vu-aus","oai_identifier":"oai:eprints.vu.edu.au:21721"},"canonical_url":"https://search.dev.ndltd.org/etd/vu-aus/oai:eprints.vu.edu.au:21721","repository":{"repo_id":"vu-aus","name":"Victoria University (Australia)","base_url":"https://vuir.vu.edu.au/cgi/oai2"},"display":{"title":"The equilibrium exchange rate of RMB 2000-2011 : a BEER approach","abstract":"In response to the critics that accuse China of manipulating its exchange rate and maintaining it under a substantially low level, this study applied a robust co-integrating analysis to estimate the Behavioural Equilibrium Exchange Rate of Chinese renminbi. A 6-variable VAR model was built up and the Johansen-Juselius co-integrating analysis was applied to test if there is co-integrating movement between the variables. The findings show that the real effective exchange rate of renminbi could mostly be explained with statistical significance by five fundamentals, viz. the degree of openness, government expenditure, net export, productivity and net foreign assets. The actual real effective exchange rate is fluctuating around its equilibrium level in a narrow band moderately and consequently there is no evident undervaluation or misalignment of renminbi in a long-run perspective from 2000Q1 to 2011Q4. Moreover, the slight misalignment of renminbi reveals a sound current exchange rate regime in China.","abstract_html":"In response to the critics that accuse China of manipulating its exchange rate and maintaining it under a substantially low level, this study applied a robust co-integrating analysis to estimate the Behavioural Equilibrium Exchange Rate of Chinese renminbi. A 6-variable VAR model was built up and the Johansen-Juselius co-integrating analysis was applied to test if there is co-integrating movement between the variables. The findings show that the real effective exchange rate of renminbi could mostly be explained with statistical significance by five fundamentals, viz. the degree of openness, government expenditure, net export, productivity and net foreign assets. The actual real effective exchange rate is fluctuating around its equilibrium level in a narrow band moderately and consequently there is no evident undervaluation or misalignment of renminbi in a long-run perspective from 2000Q1 to 2011Q4. Moreover, the slight misalignment of renminbi reveals a sound current exchange rate regime in China.","abstract_has_math":false,"creators":["Song, Ming"],"institution":"Victoria University","degree_name":"other","degree_level":"rmaster","degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2013,"date_issued":"2013","date_published":"2013","updated_at":"2026-07-24T06:33:31Z","subjects":["1402 Applied Economics","1403 Econometrics"],"languages":["en"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:creator","label":"Author","values":["Song, Ming"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2013"]},{"key":"dc:date.issued","label":"Date","values":["2013"]},{"key":"dc:publisher.department","label":"Dc Publisher Department","values":["School of International Business"]},{"key":"dc:publisher.institution","label":"Dc Publisher Institution","values":["Victoria University"]},{"key":"dc:relation.isreferencedby","label":"Dc Relation Isreferencedby","values":["https://vuir.vu.edu.au/21721/"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["rmaster"]},{"key":"dc:type.qualificationname","label":"Dc Type Qualificationname","values":["other"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["1402 Applied Economics","1403 Econometrics"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://vuir.vu.edu.au/21721/4/SONG%20Ming-thesis_nosignature.pdf"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["In response to the critics that accuse China of manipulating its exchange rate and maintaining it under a substantially low level, this study applied a robust co-integrating analysis to estimate the Behavioural Equilibrium Exchange Rate of Chinese renminbi. A 6-variable VAR model was built up and the Johansen-Juselius co-integrating analysis was applied to test if there is co-integrating movement between the variables. The findings show that the real effective exchange rate of renminbi could mostly be explained with statistical significance by five fundamentals, viz. the degree of openness, government expenditure, net export, productivity and net foreign assets. The actual real effective exchange rate is fluctuating around its equilibrium level in a narrow band moderately and consequently there is no evident undervaluation or misalignment of renminbi in a long-run perspective from 2000Q1 to 2011Q4. Moreover, the slight misalignment of renminbi reveals a sound current exchange rate regime in China."]},{"key":"dc:format","label":"Dc Format","values":["text"]},{"key":"dc:title","label":"Title","values":["The equilibrium exchange rate of RMB 2000-2011 : a BEER approach"]}]}],"canonical_facts":{"dc:creator":["Song, Ming"],"dc:date":["2013"],"dc:date.issued":["2013"],"dc:description.abstract":["In response to the critics that accuse China of manipulating its exchange rate and maintaining it under a substantially low level, this study applied a robust co-integrating analysis to estimate the Behavioural Equilibrium Exchange Rate of Chinese renminbi. A 6-variable VAR model was built up and the Johansen-Juselius co-integrating analysis was applied to test if there is co-integrating movement between the variables. The findings show that the real effective exchange rate of renminbi could mostly be explained with statistical significance by five fundamentals, viz. the degree of openness, government expenditure, net export, productivity and net foreign assets. The actual real effective exchange rate is fluctuating around its equilibrium level in a narrow band moderately and consequently there is no evident undervaluation or misalignment of renminbi in a long-run perspective from 2000Q1 to 2011Q4. Moreover, the slight misalignment of renminbi reveals a sound current exchange rate regime in China."],"dc:format":["text"],"dc:identifier.uri":["https://vuir.vu.edu.au/21721/4/SONG%20Ming-thesis_nosignature.pdf"],"dc:language":["en"],"dc:publisher.department":["School of International Business"],"dc:publisher.institution":["Victoria University"],"dc:relation.isreferencedby":["https://vuir.vu.edu.au/21721/"],"dc:subject":["1402 Applied Economics","1403 Econometrics"],"dc:title":["The equilibrium exchange rate of RMB 2000-2011 : a BEER approach"],"dc:type":["Thesis"],"dc:type.qualificationlevel":["rmaster"],"dc:type.qualificationname":["other"]},"updated_at":"2026-07-24T06:33:31Z"}