Undervaluation of Chinese Currency: History, Methods, Implications and Expectations

UNDERVALUATION OF CHINESE CURRENCY Mohamed Ragab Mostafa Mazen ¥

AGENDA ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THE RENMINBI 人民幣 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

FIXING THE EXCHANGE RATE ,[object Object],[object Object],[object Object],[object Object],[object Object]

AMERICAN TRADE DEFICIT ,[object Object],[object Object],[object Object],[object Object],[object Object]

PURCHASE POWER PARITY (PPP) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

PURCHASE POWER PARITY (PPP) ,[object Object]

PURCHASE POWER PARITY (PPP) ,[object Object],[object Object],[object Object],[object Object],[object Object]

PPP LIMITATIONS ,[object Object],[object Object],[object Object],[object Object]

EQUILIBRIUM EXCHANGE RATE ,[object Object],[object Object],[object Object]

FUNDAMENTAL EQUILIBRIUM EXCHANGE RATE (FEER) ,[object Object],[object Object],[object Object],[object Object]

BEHAVIORAL EQUILIBRIUM EXCHANGE RATE (BEER) ,[object Object],[object Object],[object Object],[object Object],[object Object]

VALUATION SUMMARY Method PPP FEER BEER RMB Undervalued by 20-25% 15%-30% 5%

IMPLICATIONS OF UNDERVALUATION OF CHINESE CURRENCY

ADVANTAGES OF UNDERVALUATION ,[object Object],[object Object],[object Object]

DISADVANTAGES OF UNDERVALUATION ,[object Object],[object Object],[object Object],[object Object]

CURRENT EXTERNAL PRESSURES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CHINA’S REACTION TO GLOBAL PRESSURE ,[object Object],[object Object],[object Object],[object Object]

FUTURE EXPECTATIONS ,[object Object],[object Object],[object Object]

FUTURE EXPECTATIONS ,[object Object],[object Object],[object Object],[object Object]

Undervaluation of Chinese Currency: History, Methods, Implications and Expectations

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Undervaluation of Chinese Currency: History, Methods, Implications and Expectations