均衡汇率问题一直是学界的焦点，基于购买力平价理论的巨无霸指数，为判断汇率水平均衡性提供了一个简单的工具和辅助的视角。本文根据《经济学人》公布的巨无霸指数走势特征，分析巨无霸指数对不同汇率水平的低估程度，尤其是基于美元的巨无霸指数对人民币汇率水平的评估；本文同时分析人民币于各期相较于欧元、英镑、日元皆出现低估的现象。

关键词：均衡汇率、巨无霸指数、实证分析

Equilibrium exchange rate has always been the focus of academic circles. The Big Mac Index, based on the theory of purchasing power parity (PPP), provides a simple tool and auxiliary perspective for judging the horizontal equilibrium of exchange rates. According to the trend characteristics of the Big Mac Index published by The Economist, this paper analyzes the degree of undervaluation of the Big Mac Index at different exchange rate levels, especially the assessment on the level of CNY exchange rate based on Dollar. At the same time, the empirical analysis of CNY in each period compared with Euro, Pound and Yen shows the phenomenon of undervaluation.

Keywords: Equilibrium Exchange Rate, Big Mac Index, Empirical Analysis