On the Property of Currency and Exchange Indices Based on Multi-perspectives
研究采用黄金、石油和SDR替代美元来评估人民币指数、美元广义指数、欧元指数和亚洲货币单位的性质，发现地理位置决定货币指数性质，且不同指数中人民币影响差异显著。
When a currency is internationally accepted, there is a demand for the currency index. Therefore, JPMorgan began to compile Chinese Currency (CNY) Index according to bilateral trade weight in 2007. This study tries to develop CNY nominal effective exchange rate index based on multilateral trade weight by the Pa- asche methodology. The purpose of indices establishment is for those investors to have a best knowledge of the trend of relative currencies without distortion. If USD is applied as the standard to evaluate the currency indi- ces , the estimation will be affected by the country's policy. In order to get rid of the trace of the country's cur- rency , the study intends to adopt gold, oil and SDR as the substitute to evaluate the properties of CNY indices, USD broad index, EUR index and Asian Monetary Unit (AMU). The test indicates that impact of CNY varies in different indices although there are substantial trade and investment between China and those countries. CNY is not statistically significant.in EUR index and AMU. However, its impact of Great China Currencies (CNY, TWD and HKD) is great in USD broad index. Moreover, we find that regional trade zones do affect the shaping of currency indices, such as GBP towards EUR index, CAD and MXN towards USD broad index, and KRW to- wards CNY index. This shows that geographic location still decides the property of currency indices. In addition to this, the deeply-rooted intention of the compilers of the indices is revealed via the above three standards.