Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB

Since the beginning of 2018, Sino-US trade frictions have been escalating to the fields of science and technology, finance, and geography. Especially in the financial field, the United States has forcibly identified China as a “currency manipulator.” In order to analyze the impact of Sino-US trade o...

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Autores principales:	Jiajia Yan, Jinlong Cai
Formato:	article
Lenguaje:	EN
Publicado:	Hindawi Limited 2021
Materias:	Mathematics QA1-939
Acceso en línea:	https://doaj.org/article/e8fcf469f4324a28bd1ba500265062c0
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spelling	oai:doaj.org-article:e8fcf469f4324a28bd1ba500265062c02021-11-29T00:55:45ZResearch on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB1607-887X10.1155/2021/7237378https://doaj.org/article/e8fcf469f4324a28bd1ba500265062c02021-01-01T00:00:00Zhttp://dx.doi.org/10.1155/2021/7237378https://doaj.org/toc/1607-887XSince the beginning of 2018, Sino-US trade frictions have been escalating to the fields of science and technology, finance, and geography. Especially in the financial field, the United States has forcibly identified China as a “currency manipulator.” In order to analyze the impact of Sino-US trade on the RMB exchange rate, based on the Sino-US import and export trade data under the quarterly HS classification from 2003 to 2019 and the RMB real effective exchange rate, this article carries out the traditional time series test, seasonal unit root test, and cointegration test and further constructs the seasonal error correction model to explore the long-term and short-term dynamic impact of Sino-US import and export trade structure on RMB real effective exchange rate. The results shows that the upgrading and optimization of the overall trade structure between China and the United States will increase the appreciation pressure of RMB real effective exchange rate. There are seasonal and long-term trends between RMB real effective exchange rate and different types of import and export trade structures between China and the United States. Therefore, this article not only strongly refutes the “theory of RMB appreciation” and puts forward policy suggestions to effectively deal with the negative impact of Sino-US trade friction but also provides a research framework for global trade, especially the decoupling of trade structure and exchange rate between developing and developed countries.Jiajia YanJinlong CaiHindawi LimitedarticleMathematicsQA1-939ENDiscrete Dynamics in Nature and Society, Vol 2021 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Mathematics QA1-939
spellingShingle	Mathematics QA1-939 Jiajia Yan Jinlong Cai Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB
description	Since the beginning of 2018, Sino-US trade frictions have been escalating to the fields of science and technology, finance, and geography. Especially in the financial field, the United States has forcibly identified China as a “currency manipulator.” In order to analyze the impact of Sino-US trade on the RMB exchange rate, based on the Sino-US import and export trade data under the quarterly HS classification from 2003 to 2019 and the RMB real effective exchange rate, this article carries out the traditional time series test, seasonal unit root test, and cointegration test and further constructs the seasonal error correction model to explore the long-term and short-term dynamic impact of Sino-US import and export trade structure on RMB real effective exchange rate. The results shows that the upgrading and optimization of the overall trade structure between China and the United States will increase the appreciation pressure of RMB real effective exchange rate. There are seasonal and long-term trends between RMB real effective exchange rate and different types of import and export trade structures between China and the United States. Therefore, this article not only strongly refutes the “theory of RMB appreciation” and puts forward policy suggestions to effectively deal with the negative impact of Sino-US trade friction but also provides a research framework for global trade, especially the decoupling of trade structure and exchange rate between developing and developed countries.
format	article
author	Jiajia Yan Jinlong Cai
author_facet	Jiajia Yan Jinlong Cai
author_sort	Jiajia Yan
title	Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB
title_short	Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB
title_full	Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB
title_fullStr	Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB
title_full_unstemmed	Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB
title_sort	research on the impact of sino-us trade structure on the real effective exchange rate of rmb
publisher	Hindawi Limited
publishDate	2021
url	https://doaj.org/article/e8fcf469f4324a28bd1ba500265062c0
work_keys_str_mv	AT jiajiayan researchontheimpactofsinoustradestructureontherealeffectiveexchangerateofrmb AT jinlongcai researchontheimpactofsinoustradestructureontherealeffectiveexchangerateofrmb
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Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB

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