Abstract
Although there are so many literatures which have studied RMB exchange rate, there are less RMB real effective exchange rate reflecting relative labor productivity and based on a basket of currencies than we have ordinary watched. The paper sets up RMB real effective exchange rate based on commercial market and capital market. The paper probes RMB real effective exchange rate model regarding modified as the weights in RMB exchange rate regime of a basket of currencies. After testing the model, it is discovered that the model is efficiently able to resist the attacks, such as our country withdrawing the traded barriers, hot capitals in the course of opening the capital market and etc.
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