This paper tests the purchasing power parity(PPP)of Renminbi(RMB)/Dollar,and estimates the equilibrium exchange rate of RMB/Dollar,resorting to PPP,the shadow price of foreign exchange(SPFE),and factors regression(FR)means.

• 本文用购买力平价、外汇的影子价格和因素回归三种不同的方法,估计了人民币和美元的均衡汇率。