Dr Wang's award winning dissertation presents a systematic study of the approaches to estimate equilibrium exchange rates under the framework built on the following questions: 1) Do the various equilibrium exchange rates estimation models accommodate the concept of equilibrium exchange rates? 2) Are the analytical logics, the operation techniques and the statistical rules of the estimation models in harmony and generally applicable? and 3) Are the statistical techniques chosen in the estimation models reasonable, well-rounded and operable? As a fundamental piece of research into analytical tools, this study points out the shortcomings of existing exchange rate assessment and proposes solutions for future studies. It should serve as an important reference for the internationalization of the RMB exchange rate mechanism.