| In recent years, with high economic growth, it may speed up the process ofurbanization, and China’s per income of urban residents continues to increase, realestate prices are raising. In July21,2005, China start the implementation of theexchange rate reform, the implementation based on market supply and demand withreference to a basket of currencies, managed floating exchange rate system. Althoughthe change to the RMB exchange rate to appreciate a total of more than15%, butChina’s international trade is a huge trade surplus, the rapid increase in foreignexchange reserves, leading to the RMB being still facing strong pressure to appreciate.At home and abroad, on the expected appreciation of the RMB is strong, offshore fundsare through various channels into China one after another, and transferred to themainland capital market trends. The RMB appreciation and rising real estate prices havebecome a hot spot of concern.Based on domestic real estate prices and the RMB exchange rate mechanism ofrelevant theoretical and empirical studies, with the back again using correlation analysisand synthesis of metrology inspection methods, this thesis empirically tests the RMBexchange rate’s one-way relationship effect to domestic real estate prices. With thestudy of previous achievements, based on the data about the Chongqing StatisticalYearbook and the exchange rate from1998to2011, using related theory and metrology,this thesis empirically grounds the effect of RMB exchange rate to the real estate price,summarizes conclusions, and puts forward the prospect and suggestions of the researchin this field.The empirical results show that RMB exchange rate policy does have greatinfluence to the real estate market in Chongqing, and the effect has lagging, long-termand negatively correlated characteristics. Based on this, due consideration and attentionshould be given when the real estate enterprises treat the proper price of the real estateand when the government treats the management of foreign funds. |
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