China's Exchange Market Pressure and Measuring on Exchange Market Intervention
基于Weymark（1997）的外汇市场压力框架，构建三市场开放经济模型，用1994年1月至2008年3月月度数据测算中国外汇市场压力与干预指数，发现人民币长期面临升值压力，干预程度在2005年汇改前接近1，汇改后汇率机制更市场化。
Based on Exchange Market Pressure concept and analytical framework put forward by Weymark (1997),this paper constructs a China's open economy model consisting of three markets and the monetary authority. Using monthly data from January 1994 to March 2008,the author estimates model coefficients and gauges EMP and foreign exchange market intervention index for China.This research finds that renminbi was confronted with appreciation pressure against US dollar after 1994 except several months during East Asian financial crisis.After 1994,China's monetary authority was increasingly involved in foreign exchange market and the intervention index approaches nearly one before the latest exchange rate regime reform in 2005.After the reform, renminbi's exchange rate regime is getting more and more market-oriented.