How did RMB Appreciation Influence China's Import and Export:An Empirical Analysis on the Appreciation during 2005-2008

摘要

paper aims at assessing how the RMB appreciation caused by the reform of RMB in 2005 impacted China's import and export by empirical analysis. Correlation analysis indicates that the RMB exchange rale had medium positive correlation with import growth rate; meanwhile, it had relatively weak negative correlation with the export growth rate. The VAR models show this RMB appreciation promoted the import of tobacco, wine and some kinds of raw materials; while impeded the export of "Food live animals", "Beverages and tobaccos" and "Machinery and transport equipments".