Abstract：
This paper makes positive study of dynamic interrelations and information transfer among domestic and overseas RMB exchange rates by a cross-spectral analysis of the RMB exchange rate against the U.S. dollar from July 2005 to September 2012.The empirical evidences suggest that dynamic interrelations among domestic and overseas RMB exchange rate depend not only on the length of the observation periods also on the term of the forward foreign exchange rates. The longer the observation period, the higher the coherence of the dynamic interrelation between the RMB exchange rate in the domestic and foreign currency becomes. So reforming of the RMB exchange rate formation mechanism needs to handle well the relationships of developing domestic NDF and pushing the internationalization of RMB, developing domestic forward exchange rate markets and promoting the development of foreign exchange derivatives, promoting the marketization of RMB exchange rate and interest rate, official appreciation or amplitude control for response to the expectation of RMB appreciation.
MA Zheng-bing.Dynamic Interrelations, Information Transfer among Domestic and Overseas RMB Exchange Rates and Its Implications[J] Economic Survey, 2015,V31(4): 138-143
2015 
