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Question

五．东亚国家的汇率低估与人民币汇率
对国际价格水平的差异研究时发现了一个惊人的规律；当换算为一种货币来衡量价格时，各个国家的、价格水平与收入成正比，即当1美圆以市场汇率换算为当地货币时在穷国能买到的东西比富国多。大部分人认为造成原因是非贸易品的价格差别。由于这种现象的普遍存在，致使许多国家的价格水平偏低，即存在汇率低估的情况。像东亚大部分国家都存在着以上的问题
为了显示东亚危机前后政策变动状况，表2展示了95年低至2003年低的偏离度，图3则直观地表达了金融危机前后东亚汇率失调程度。除两个发达小经济体香港和新加坡，东亚国家普遍存在较大幅度的货币币值低估。危机前，东亚国家的低估程度较低，危机中，东亚国家存在着恐慌性和传染性贬值，危机后，发展中低估程度趋向于集中，除菲律宾外，基本上集中于20-30%的区间内。
根据我们对中国1980-1998年长期购买力平价的计算，人民币在1998年的低估程度为31%，与韩国大体相当。从当前看，人民币汇率的低估程度是适宜的，是发展中国家竞争性均衡的结果。人民币对东亚国家货币的适当高估有助于促进区域稳定和合作，减少中国的贸易顺差水平。而对发达国家货币的低估则使我国能继续保持和提高国际竞争力，稳定经济和金融。就东亚经济而言，中国并不存在着所谓的严重货币低估问题。
六、总结
无论如何，购买力平价理论尤其是相对购买力平价理论无疑是20世纪最有影响的汇率决定理论和均衡汇率理论, 尽管它存在着偏离的可能性，存在着种种计算或衡量的缺陷，但从长期的角度来看，它还是能满足均衡的。我们不应屏弃它的存在价值，而是要对其进行有效地休正。
因为估计购买力平价汇率有着重要的实际意义!比如可以决定汇率的失衡程度以及正确的政策，设定汇率平价以及进行国家收入水平的国际比较等等。

Answer 1

Five. The East Asian country exchange rate underestimated with Renminbi exchange rate to international price level difference research when has discovered an astonishing rule; When the conversion is one kind of currency weighs the price, each national, the price level and the income are proportional, namely when 1 US dollar take market exchange rate conversion as local currency can buy the thing in the poor country to be more than the rich country. The majority of people thought creates the reason right and wrong trade price difference. As a result of this kind of phenomenon universal existence, causes many national the price levels to be somewhat low, namely the existence exchange rate underestimated situation. Looks like the East Asian majority of countries all to have above problem in order to demonstrate around the East Asian crisis the policy change condition, Table 2 had demonstrated 95 years lowered to 2003 the low deviation, Figure 3 the piece expressed around intuitively the financial crisis the East Asian exchange rate detuning degree. Eliminates two developed small economical body Hong Kong and Singapore, the East Asian country universal existence great scope currency currency value underestimated. In front of the crisis, the East Asian country underestimated the degree is low, in the crisis, the East Asian country has panicky and the infectious depreciation, after the crisis, in the development underestimated the degree tends to the centralism, besides the Philippines, basically concentrates in 20-30%'s sector.
According to us to the Chinese 1980-1998 year long-term purchasing computation, the Renminbi in 1998 underestimated the degree is 31%, with South Korea roughly quite. From current looked that, the Renminbi exchange rate underestimated the degree is suitable, is the developing nation competitiveness balanced result. The Renminbi overestimates suitably to the East Asian country currency is helpful in promotes the region stable and the cooperation, reduces China's trade surplus level. But to the developed country currency underestimated enables our country to continue to maintain and to enhance the international competitive power, stable economy and finance. Speaking of the East Asian economy, China does not have the so-called serious currency to underestimate the question.
Sixth, the summary in any event, the purchasing theory in particular relative purchasing theory without doubt is the 20th century most influential exchange rate decision theory and the balanced exchange rate theory, although it has the deviation the possibility, has all sorts of computations or the weight flaw, but looked from the long-term angle, it can satisfy balanced. We should not the screen abandon its existence value, but is must carry on to it rests effectively positively.
Because the estimate purchasing exchange rate has the vital practical significance! For instance may decide the exchange rate the unbalanced degree as well as the correct policy, the hypothesis exchange rate fair price as well as carries on state revenue level international comparison and so on.