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。

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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。

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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。

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