The Influence Of RMB Exchange Rate Fluctuation On Outward Foreign Direct Investment

In the context of the appreciation of the RMB, the development of China’s OFDI, is conducive to resolving the liquidity surplus, balance the domestic and foreign economic, ease the pressure on foreign exchange reserves. This paper at home and abroad on the basis of the study by literature research method, qualitative analysis method and empirical research method, starting from the exchange rate and the basic concept of foreign direct investment and related theory, analysis of the RMB exchange rate system changes and China OFDI development, to empirical research, using VAR model, to study the influence of fluctuation of RMB exchange rate on China’s OFDI. By studying the influence on the ODFI in of the RMB exchange rate fluctuations, is conducive to further enrich China’s exchange rate change’s effect on the ODFI in the relevant theoretical research, to improve China’s foreign exchange reserves the utilization efficiency, improve China’s exchange rate system, alleviate the RMB appreciation pressure, to promote the development of foreign direct investment and China’s exchange rate system reform has important theoretical significance and practical value.Through the research of this paper. Main conclusions are as follows:first of all, VAR model analysis showed that, the appreciation of the RMB will lead to the development of China’s OFDI, under the background of the appreciation of the RMB, developing OFDI, the implementation of "going out" strategy, there is conducive to ease the pressure of RMB appreciation and the maintenance of financial stability in China; secondly, the RMB real effective exchange rate fluctuations in the short term can promote the OFDI of development, but in the long run RMB real effective exchange rate volatility is too general to development of OFDI produce adverse effects. Finally, in order to ease the pressure of RMB appreciation, to promote the development of the ODFI, need to implement the strategy of along the way, promote the internationalization of the RMB, further improve China’s financial system, the implementation of OFDI financial preferential policies.This paper is divided into four parts, the first part is theory research, this paper is the first chapter and the second chapter. This paper expounds the background and significance of the research, a brief overview of the basic concepts and basic theory, the theoretical basis for the following research. The second part is the research part for the third chapter of this paper. The main analysis of the RMB exchange rate system changes and China foreign direct investment development. The third part is the empirical research, using VAR model, the empirical research on the impact of RMB exchange rate fluctuation on foreign direct investment Chinese. The fourth part is the conclusion, summed up the main conclusions of previous research, the relevant policy recommendations on the future direction and focus of research on related research prospect.