Center for Public Economy and Public Policy,Chongqing University,Chongqing,China;
Department of Public Economics,School of Public Affairs,Chongqing University,174 Shazheng Street,Shapingba District,Chongqing 400044,China;
A Center for Chinese Economic Practice and Thinking,Tsinghua University,Room 128,Shunde Building,Haidian District,Beijing 100084,China;
School of Economics and Resource Management,Beijing Normal University,19 xinjiekouwai street,Haidian District,Beijing 10084,China;
RMB exchange rate; Global commodity prices; China’s stock prices; Asymmetric effects;