English, Article edition: Real Exchange Rate Behavior under Peg: Evidence from the Chinese RMB and Malaysian MYR Yongjian E; Anthony Yanxiang Gu; Chau-Chen Yang

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Real Exchange Rate Behavior under Peg: Evidence from the Chinese RMB and Malaysian MYR
Author
  • Yongjian E
  • Anthony Yanxiang Gu
  • Chau-Chen Yang
Physical Description
  • article
Notes
  • The exchange-rate behavior of the Chinese yuan (RMB) and the Malaysian ringgit (MYR) indicates that the real exchange rate volatility of both the pegged currency/​the anchor currency (the US dollar), and the pegged currency/​the non-anchor currencies (Japanese yen and British pound) are lower under the pegged regime. The dynamic behavior of the pegged currencies' real exchange rates is consistent with the anchor currency as the speed of convergence of the Big Mac real exchange rates of the RMB, MYR, and the dollar against the floating currencies are almost identical during the pegged period. This may be due to similar inflation rate movements in the related economies. These results do not support the opinion that China has manipulated the value of its currency.
  • Pegged exchange rate regime, real exchange rate, anchor currency, non-anchor currency, China, manipulate, JEL Classification: F31, JEL Classification: F41
  • RePEc:wsi:rpbfmp:v:12:y:2009:i:01:p:141-158
Language
  • English
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