| In recent years, with China's rapid economic development, international financial market globalization and integration process, the RMB exchange rate issue has become the focus of international concern. Especially on July 21,2005, China's government announced a big reform in foreign exchange mechanism, which is a managed floating exchange rate system implemented based on marketed supply and demand with reference to a basket of currencies, the RMB exchange rate is no longer pegged to the dollar, but is more flexible. This reform also sparked domestic and foreign scholars interest on issues of the RMB exchange rate.In order to study about how much the RMB exchange rate influence on import and export trade of China, this paper try to use unit root member test, Granger causality tests according to export and import volume of U.S. and China from the third quarter of 2005 to the fourth quarter of 2010, then we can get the conclusion:RMB appreciation gives press on both import and export of China, but the effect is less than the role of GDP; there exist one-way Granger causality that RMB exchange rate impact on the import and export.After that, this paper also did some research on the relationship between the RMB exchange rate changes and the import and export trade structure. The conclusion is that RMB appreciation has an important impact on China's trade structure and China's trade structure to some extent due to the improvement of the exchange rate adjustment.Finally, this article is summed up and made some policy recommendations. |
