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<p>Some variables, such as measures of income inequality and degree of financial openness, are not included in our study because of the limited availability of good-quality data across countries over the sample period.</p>
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<p>Whether a country&apos;s currency is undervalued depends on the concept of the yardstick (i.e. the fundamental equilibrium exchange rate) used to measure its undervaluation. <xref ref-type="bibr" rid="R13">Cheung et al.
(2007)</xref> provides a brief review of some of those concepts and discusses the difficulty in measuring the equilibrium exchange rate and the uncertainty surrounding those measurements.</p>
<p>Most analysts have concluded that the Chinese currency has been significantly undervalued.</p>
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