Overview of the cashback forex cashback Forexrebatekingforex of forexrebateindonesia The optimal weights of the basket of currencies are determined by specific policy objectives, Forex rebate king the optimal weights of the basket of currencies obtained under different policy objectives are different Various models in the process of solving the optimal weights of the basket of currencies, are first to determine the policy objectives of the exchange rate system of the target country to choose a basket of currencies, to establish a certain policy objective function, and then to There are two methods to determine the optimal basket of currencies: one is the partial equilibrium analysis, in which the exchange rate is considered as an exogenous variable and only commodity flows are taken into account while capital flows are ignored, and the calculated optimal currency weights are usually related to the volume of domestic exports, domestic imports, the share of domestic exports to a country in total domestic exports, the share of domestic imports from a country in total domestic imports, and the share of domestic export supply in total domestic exports. The objectives pursued by the partial analysis method include stabilization of the effective exchange rate, stabilization of real national income growth, stabilization of the trade balance, stabilization of the terms of trade or the relative prices of traded and non-traded goods, and stabilization of the real value of foreign debt because of the flexibility of the data requirements of the partial equilibrium analysis method. Therefore, it has become the mainstream research method in determining the optimal basket of currencies Second, the general equilibrium analysis method Flanders and Helpmans macroeconomic model in which the stability of the balance of payments is considered as the pursuit goal of the basket of currency system, while considering the demand for domestic exports and domestic imports, the elasticity of the volume of trade to changes in the exchange rate of the local currency, the level of employment and terms of trade, and a series of variables between In Turnovskys macroeconomic model, the international trade dimension is not decisive for the weight structure of the optimal basket of currencies, and the bilateral exchange rate fluctuations between the domestic and foreign currencies, the changes in the level of inflation and interest rates in both countries, and structural factors reflecting the characteristics of the economy become key variables in determining the optimal basket of currencies Bird and Rajan, on the other hand, consider price The general equilibrium analysis method often requires the setting of complex functions of economic agents behavioral characteristics and diverse relationship equations between economic variables, which requires much higher data volume and calculation than the Local equilibrium analysis method, so it has not yet become a mainstream research method in academic research on basket currencies The choice of currency types for optimal basket currencies According to Frankel and Weis log-linear model: (1) where, denotes the SDR-denominated RMB exchange rate, denotes the SDR-denominated ith currency, i from 1 to 11, denotes the US dollar, the euro, the Japanese yen, the British pound, the Korean won, the Thai baht, the Malaysian ringgit, Russian ruble, Singapore dollar, Australian dollar, Canadian dollar Equation coefficients β 1 denotes the intercept, i=2,...12, which can be interpreted as the weights of the 11 currencies in the basket of currencies, a linear logarithmic regression of the relationship between the RMB and the 11 currencies from August 2005 to April 2009 (45 observations), and a SPSS 7.0 backward rejection method for multiple cointegration test, excluding SGD, CAD, Russian ruble, Thai baht and Malaysian ringgit in turn, and finally obtaining the regression equation with six currencies of USD, GBP, JPY, KRW, EUR and AUD as explanatory variables, indicating that the influence of these six currencies in the RMB currency basket on the RMB is significant trade weights versus optimal currency basket weights　　Williamson argues that the weight of the optimal currency basket should be determined by trade, so that the effective exchange rate can be kept stable and the impact of random changes in the exchange rates of major currencies on a countrys real economy can be reduced, while maintaining healthy macroeconomic development and the stability of the relative prices and output of traded goods If China has n trading partner countries and the trade volume with country i is denoted by Ti, then Chinas The total trade volume is: (2) and we have: (3) According to Branson and Katseli, a countrys policy objective should be to pursue stable employment assuming that trade is important in a countrys industrial structure, then stable employment implies stable trade volume, i.e., the weight of the optimal basket of currencies (), which minimizes the change in trade volume: subjeceto: After derivation, the optimal weights are obtained as follows　　　　　　...... Thus, a countrys optimal currency basket depends on the exchange rate elasticity of a countrys trading partner and the most share of trade with that partner country If the elasticity ε1 of each trading partner country is equal, the weight of the optimal currency basket is determined solely by a countrys trade share with its trading partner country