Abstract Taking the characteristic of China’s foreign trade into consideration, this paper created the net import partner and net export partner currency baskets based on the currency baskets of traditional RMB effective exchange rate, and measured the fluctuation of RMB effective exchange rate from the view of China’s net import partners and net export partners respectively, thus made an effective supplement for the traditional RMB effective exchange rate. Based on that, the author analyzes the phenomenon of China’s long term trade surplus, and it indicates that the appreciation of RMB exchange rate has little effect in addressing the problem. Additionally, while making comparison among the net import index, net export index and the BIS broad index, we conclude that the three indices are highly correlated; it is mainly due to the deep influence by US dollar. It is suggest thated the weight of US dollar should be reduced with reference to currency baskets.
HONG Xiang,RONG Jing. RMB Effective Exchange Rate Index: Based on Currency Baskets of China’s Net Import and Net Export Partners. Economic Survey, 2015, 32(6): 047.
2015, Vol. 32 
