The RMB Pressure Indicator (RPI) provided by the Xinhua Finance/Milken Institute measures the appreciation pressure on China's currency relative to the U.S. dollar and a basket of foreign currencies. Increases in the indicator reflect appreciation pressure on the RMB. The RPI is based on the interaction between the following variables, reported on a monthly basis to compute overall cumulative exchange-rate pressure: percentage change in the exchange rate, percentage change in foreign-exchange reserves, and changes in the domestic interest rate. The RPI covers the time period from November 30, 1980, to the present. The indicator is set equal to 100 on January 1, 2000. Values of the indicator are calculated on a monthly basis.