The RMB exchange rate mechanism is of national interest. Focusing on this hot topic, Dr Wang and her collaborators developed an analytical framework from the basic theories of equilibrium exchange rate that evaluates the reasonableness of exchange rates in making equilibrium exchange rate decisions in the case of the RMB. The team employed and improved the behavioral equilibrium exchange rate（BEER）model to estimate the equilibrium exchange rates of the RMB, obtaining important data on the difference between the actual exchange rate and the historical standards of RMB equilibrium exchange rate. This study provides a new method for reasonable exchange rate evaluation and is an important reference for the adjustment of the RMB exchange rate.

* This study is a major research project of the Chinese National Bureau of Statistics (Project Code: 2006B26).