| Acknowledgements | 第1-5页 |
| 1. Abstract and Introduction | 第5-13页 |
| ·中文摘要 | 第5-6页 |
| ·Abstract | 第6-7页 |
| ·Introduction | 第7-9页 |
| ·List of Figures and Tables, List of Mathematical Symbols | 第9-13页 |
| 2. The development of the bilateral and multilateral RMB spot exchange rates | 第13-30页 |
| ·Bilateral RMB/USD exchange rate | 第13-16页 |
| ·Nominal effective RMB/USD exchange rate | 第16-20页 |
| ·Real effective RMB/USD exchange rate | 第20-25页 |
| ·Asia Crisis | 第25-30页 |
| 3. Historical reforms of Chinese exchange regime | 第30-49页 |
| ·The dual track exchange rate regime | 第30-32页 |
| ·The 1994 reform | 第32-35页 |
| ·The 2005 reform | 第35-49页 |
| ·The characters of the new exchange rate regime | 第36-39页 |
| ·Whether China has adopted the 'real' basket referenced regime or not? | 第39-40页 |
| ·Revaluation of RMB exchange rate under the economic and political background | 第40-49页 |
| 4. Forward exchange rate and exchange rate expectations | 第49-69页 |
| ·The RMB NDF Market | 第49-54页 |
| ·The RMB NDF Exchange Rate, 1998 - 2007 | 第54-57页 |
| ·Testing for Market Efficiency and Unbiasedness | 第57-66页 |
| ·The Cross-Correlation of NDF Exchange Rates Across Asia | 第66-69页 |
| 5. Conclusions | 第69-71页 |
| 6. Appendix 1. Exchange rate regime change during 1980 to 2005 | 第71-72页 |
| 7. Reference list | 第72-76页 |
