Fluctuations Of The Rmb Exchange Rate Factors In The Reform And Opening Up

In recent years, renminbi exchange rate has been the focus of international economics. From nominal exchange rate and real effective exchange rate perspectives, this paper analyzes factors causing renminbi exchange rate fluctuations. The paper divides the time after reform and open into four phrases, 1979-1998,1989-1994,1995-2005 and 2005 till now, based on characters of renminbi exchange rate fluctuations and analyzes the reasons behind fluctuations. And choices GDP, interest rate, trade balance and capital and financial account balance for regression analysis of renminbi real effective exchange rate. The result is trade balance and GDP impose more influences on exchange rate, and according to which measures consisted of reducing exportation and expanding domestic demand should be taken into practice by the government.