中文摘要：

实际汇率的测算是汇率问题研究的核心概念和实证基础。本文利用1990—2007年间的相关季度数据，测算了人民币支出法的实际有效汇率，并对测算得到的实际有效汇率进行了结构性解析，以探究影响其变化的驱动因素。

英文摘要：

Measurement of RMB＇s real exchange rate has always been the core concept and basis of empirical study in RMB exchange rate. In this paper, external real exchange rate or real effective exchange rate of RMB is estimated empirically by using quarterly data from 1990 to 2007. And an analysis of the structure of RMB＇s real exchange rate is also presented to further explore the driving factors affecting its change.