Liu, Xiaohui; Zhang, Jing - In: China & World Economy 17 (2009) 3, pp. 75-92
The present paper uses the model-dependent and the model-independent approach to measure the RMB exchange market pressure (EMP) and the central bank's intervention using monthly data from January 1999 to June 2008. It is determined that the RMB has been under great appreciation pressure over the...