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Determining the RMB Exchange Regime

In: The Impact of the Global Financial Crisis on Emerging Financial Markets

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  • Xiaobing Feng
  • Ilan Alon

Abstract

Although China has claimed since 2005 that it will move towards a more market-oriented system of managing its foreign exchange, it has remained, in part, a managed economic system. This chapter examines the relative importance of fundamentalist, chartist and currency arrangements in determining the RMB exchange regime using both traditional linear and non-linear artificial intelligence models. We find that the emphasis on the US dollar as a reference currency has declined. Fundamentalist forces are becoming strong determinants of the currency exchange. The genetic programming approach is among the best performing in minimizing forecasting error.

Suggested Citation

  • Xiaobing Feng & Ilan Alon, 2011. "Determining the RMB Exchange Regime," Contemporary Studies in Economic and Financial Analysis, in: The Impact of the Global Financial Crisis on Emerging Financial Markets, pages 611-624, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-3759(2011)0000093022
    DOI: 10.1108/S1569-3759(2011)0000093022
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