The authors find that some approaches for evaluating China's renminbi imply substantial underevaluation, while others imply little or none, and other methods indicate slight overevaluation.

The authors find little statistical that China's renminbi is undervalued.

The authors examine whether the Chinese exchange rate is misaligned and how Chinese trade flows respond to the exchange rate and to economic activity. They find, first, that the currency is substantially below the value ...

The Chinese renminbi might not be as undervalued as many analysts claim. They find that the currency might even be slightly overvalued, although they concede that this is a small possibility. Changes in China's currency ...

Using a framework built around the relationship between relative price and relative output levels, the authors find little evidence that the renminbi is undervalued. The misalignment they detected in previous work disappears ...

The authors re-orient the discussion of currency misalignment back toward theory and empirics. They set forth a typology of modeling approaches to assess misalignment to highlight the difficulties in theoretically defining ...