Abstract
This paper selects monthly data of exchange rate between RMB and USD as well as Chinese foreign exchange reserves from August 2005 to July 2013. By the use of auto-regressive distributed lag (ADL) model, it analyses whether RMB appreciation caused central bank intervention and discusses reasons for continuously balance of payment surplus. Key words: Floating exchange rate system; Autoregressive distributed lag (ADL) model; Balance of payment
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