RMB exchange rate has always been closely concerned by theory and practice areas. Changes in the real exchange rate for the reality of a country’s economy also has a very profound impact. The Harrod-Balassa-Samuelson effect (HBS) hypothesis theory is one of the very important real exchange rate theory in the word. According to HBS effect theory when trade sector labor productivity levels rise, the real exchange rate of the national currency appreciation will be accompanied by the emergence of the situation. This theory has been the concern of many scholars. HBS model in which an important part is the assumption that the conduction between labor productivity and wage levels between the two sectors is unimpeded. But the reality is not usually the case. HBS can be obtained by assuming the theoretical derivation sector wage levels ranging from two expansion model, which is more in line with the actual situation in general, especially in developing countries. In order to verify the explanatory power of the model development, the article selected data 1978-2012 years abroad empirical analysis. The conclusion is with a long-run equilibrium cointegration relationship between variables, but due to some objective reasons for its explanatory power is not very satisfactory. |