从1994年汇率并轨至今,人民币相对主要贸易伙伴国货币的汇率总体呈现升值态势。到2002年末,人民币相对于美元、欧元(1999年以前为德国马克)和日元名义升值幅度分别为5.1%、17.9%和17.0%。考虑各国通货膨胀率差异因素,到2002年底,人民币相对以上三种货币实际升值幅度分别为18.5%、39.4%和62.9%。在亚洲金融危机期间,由于美元对世界 Since the merger of the exchange rate in 1994, the exchange rate of Renminbi against the major trading partners’ currencies has shown an overall upward trend. By the end of 2002, the renminbi had appreciated by 5.1%, 17.9% and 17.0% respectively against the U.S. dollar, the euro (Deutsche Mark before 1999) and the Japanese Yen. Taking into account the differences in inflation rates across countries, by the end of 2002, the real appreciation of the RMB relative to the above three currencies was 18.5%, 39.4% and 62.9% respectively. During the Asian financial crisis, due to the dollar to the world