RMB: Depreciating Internationally while Appreciating Externally

BEI Duoguang（贝多广） and ZHU Xiaoli（朱晓莉）
The Renmin University of China

Editorial note:

RMB has been depreciating internally while appreciating externally since 2002. How can such a seemingly contradictory phenomenon be explained? What are the causes underlying this phenomenon? How can asset price hikes be understood when CPI is basically controlled? How can effective monetary policies be formulated within this new landscape? This article attempts to provide answers to these questions.

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