本文選題：均衡水平　切入點(diǎn)：市場干預(yù)　出處：《國際經(jīng)濟(jì)評(píng)論》2013年02期

【摘要】：正有關(guān)中國央行通過外匯市場干預(yù)來維系人民幣的低匯率,進(jìn)而防止其大幅升值的批評(píng)可謂連年不斷。當(dāng)然,其間也不乏些許爭議。這是因?yàn)?人們對(duì)人民幣的低估和它應(yīng)有的均衡水平看法不一。的確,要精確估算匯率低估程度和均衡匯率并非易事。但自2005年以來至今,人民幣實(shí)際有效匯率的累計(jì)升值幅度已近40%。因此,人們有理由認(rèn)為,中國的匯率低估問題已經(jīng)有了明顯的緩解。然而,不少批評(píng)家卻并未因此松口。他們堅(jiān)持認(rèn)為人民幣的匯率被嚴(yán)重低估,而匯率操控正是其背后的推手。
[Abstract]:Criticism that the people's Bank of China has intervened in the foreign exchange market to keep the yuan low, and thus prevent it from appreciating significantly, has been controversial for years, of course. Opinions differ between the undervaluation of the renminbi and the level of equilibrium it should have. It is true that it is not easy to accurately estimate the undervaluation of the exchange rate and the equilibrium exchange rate. But since 2005, The cumulative appreciation of the real effective exchange rate of the RMB is already close to 40 percent. Therefore, there is reason to think that the problem of undervaluation of China's exchange rate has been significantly alleviated. Many critics have not let it go. They insist that the yuan's exchange rate is grossly undervalued, and that currency manipulation is behind it.
【作者單位】： 洛桑大學(xué);法國銀行;
【分類號(hào)】：F832.6

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