Summary
With the rising of CNY, exchange rate of CNY against foreign currencies has drawn more and more attention in global economy world. In China, CNY appreciation has close relationship with establishment of exchange rate policy, transformation of economic system, adjustment of industrial structure, etc. This report has conducted research in terms of formation of CNY exchange rate, regionalization and internationalization of CNY, change and influencing factors of exchange rate, etc. to deeply analyze current situation and future trend of CNY exchange rate in China, thus disclosing the impact on development of various industries and people's daily life.

Table of Contents
I Overview of CNY exchange rate   1
I-1 Policies on CNY exchange rate   1
I-1-1 "Floating and pegged" exchange rate regime (1949-1980)   1
I-1-2 "Double" exchange rate regime (1981-1993)   2
I-1-3 "Single" exchange rate regime (1994-2005.7.20)   2
I-1-4 "Adjustable" floating exchange rate regime (2005.07.21 to present)   2
I-2 Types of CNY exchange rate   3
I-3 Influencing factors of CNY exchange rate   3
I-4 Historical track and future trend of CNY exchange rate   4
I-5 Marketization of CNY exchange rate   5
I-5-1 Regionalization of CNY exchange rate   5
I-5-2 Internationalization of CNY exchange rate   6
II Analysis on CNY exchange rate    7
II-1 Exchange rate of CNY against USD in 1985~2009   7
II-2 Exchange rate of CNY against EUR in 2002~ 2009   7
II-3 Exchange rate of CNY against JPY in 1985~2009   8
II-4 Exchange rate of CNY against HKD in 1985~2009   8
III Forecast on CNY exchange rate   8
III-1 Establishment of Econometric Model   9
III-2 Estimation on exchange rate of CNY against USD   12