Abstract: On the basis of breaking up the gross exports from the perspective of valueadded trade, the real effective exchange rate(REER) of 16 major economies manufacturing industry from 2001 to 2014 is estimated. The results show that the trends of different economies REER significantly diverge during observation period; the countries with rising trends are mostly developed ones and the countries with downward trends are mostly emerging ones; the REER of Chinas manufacturing industry shows a tendency of decline before rising, which changes relatively smoothly compared with most other economies; after 2005, the REER of Chinas manufacturing industry shows obviously ascending trend along with the appreciation of the RMB.

Key words: global value chain, major economies, manufacturing industry, real effective exchange rate

摘要： 在对总出口进行分解的基础上，利用增加值出口测算2001—2014年世界主要经济体制造业层面的实际有效汇率。结果表明：世界主要经济体的制造业实际有效汇率变化趋势分化明显，制造业实际有效汇率上升较多的国家多为新兴经济体，而下降的国家中发达国家较多；我国制造业实际有效汇率的变化趋势基本呈现先下降后上升的态势，与其他经济体相比，无论从波动范围还是波动程度来看，都相对比较平稳；2005年以后，与人民币汇率的变化趋势相同，我国制造业实际有效汇率出现了明显的上升趋势。

关键词: 全球价值链, 主要经济体, 制造业, 实际有效汇率