The Competitive Equilibrium In East Asian's Exchang Rate And The Currency Anchor Effect Of RMB

After the financial crisis, East Asia area gradually enhances thecooperation on the basis of the classic regional economic integrationtheory. Although the current cooperation of currency in East Asia ismature in some aspects, there still have distances according to the criteriaof this theory. This is also the reason why the cooperation in East Asiaexchange system has little progress. Thus whether the East Asia economylack of the classic theory cooperation foundation has new impetus topromote the regional economic currency cooperation is an importantresearch issue of this paper.This paper put out a basic theory assumption based on the OCAtheory that get hold of the reality of the East Asia area economy:competitive equilibrium. In order to release the press of the appreciation,keep the stability of competitiveness and maintain the market share of theexporter, when them confront of in a third country's market withdissymmetrical competition, the East Asia countries should keep theExchange rate equilibrium to the strong competitive currency in the global competition.Both the long term and the short term Empirical Tests sustain thispaper's theory assumption. From the long run, East Asia area is theclassic dollar standard system, which has the effect of the currencyanchor outside the region. However, the short term data test after theRMB exchange rate reform shows that the status of RMB as the currencyanchor in the region has greatly promoted, the possibility of thecooperation for the East Asia countries on the basis of the competitiveequilibrium is existing.