Based on econometrical method, this paper analyzes the relationship between NDF and misalignment of RMB.
本文通过计量分析方法研究人民币NDF与人民币汇率失调的关系。
RMB can modify misalignment by itself and pegging to a basket currency can reflect the fluctuation of REER of RMB preferably.
人民币汇率错位自我修正能力较强，钉住“一篮子”货币能较好地反映人民币实际有效汇率的波动。
Then, the paper analyzes the harm of RMB exchange rate misalignment, the reason of long-run undervaluation, and sustainability.
然后，本文分析了汇率失调的危害、长期低估的原因和可持续性。
And hence the misalignment rate of RMB exchange rate level is conform to international convention in recent years, and formulation of the RMB exchange rate is reasonable.
那么，近几年人民币汇率失调程度是符合国际惯例的，目前人民币汇率水平的制定也是合理的。
And hence the misalignment rate of RMB exchange rate level is conform to international convention in recent years, and formulation of the RMB exchange rate is reasonable.
那么，近几年人民币汇率失调程度是符合国际惯例的，目前人民币汇率水平的制定也是合理的。
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