The Research About The Transmission Effect Of American Monetary Policy To The Exchange Rate Of Rmb In The Era Of The Post Financial Crisis

With the progress of Globalization, the connection of the world economy has become more and more close. The world economic predicament will be caused by the crisis of a certain economy. To rescue the economy from different countries will also have an impact on the rest of other areas. As the world’s largest economy, the development of the U.S. economy will affects the development of the global economy. From the United States’ estate mortgage crisis in Wall Street at 2008, with continuous fermentation, it evolved into a global financial crisis. In response to the financial crisis brought about by the loss of the U.S. economy, the Federal Reserve implemented a series of monetary policy. Under the background of globalization, a series of monetary policy implementation to deal with the financial crisis in the United States will bring a corresponding impact on other economies. This effect in the international foreign exchange market performance is more obvious, mainly through the consumption, interest rate, stock market, money supply and other factors indirectly affect other countries’ consumption, export, stock market, money supply and other economic indicators, eventually caused the exchange rate market volatility. China as the world’s second economy, the RMB against the U.S. dollar exchange rate by the impact of U.S. monetary policy is more prominent. The Fed’s low benchmark interest rate, the path of quantitative easing and the expect of U.S. economy will have an impact on the volatility of the RMB exchange rate.At first, the dissertation summarizes the relevant literature, and then it analyzes the basis theoretical of exchange rate affected by economic policy. Secondly, this dissertation introduces the selection of relevant variables, the method of data processing and the basis principle of the model. Finally, we will through empirical to analysis the different transmission about the effect of monetary policy on RMB exchange rate.The empirical analysis of this dissertation points out, the U.S. monetary policy has a significant effect on the volatility of the RMB exchange rate. The U.S. monetary policy through the interest rate channels, price channels, and monetary expansion channels to the RMB exchange rate has a certain conduction effect. From the view of the interest rate transmission channel, the Fed’s continued ultra low benchmark interest rate not only affects the inflow of long-term external funds in our country, and also brings a lasting impact effect to the RMB exchange rate, and then will continue to depreciate. According to the price transmission channel, the direct impact of RMB exchange rate is more susceptible from the US dollar index, the impact of the changes in the price of American consumer goods on the RMB exchange rate is more complex. The value of RMB will continue to decline as the dollar index strong, and in the case of the rise of consumer prices in the United States, the value of RMB will show from appreciation to depreciation. In the currency expansion channels, the U.S. currency supply and public debt will also produce conductive effect on the fluctuations of RMB exchange rate, as they increase in size, the value of RMB will be subject to a pre devaluation and then it will be appreciation. But in the degree of interpretation, although the U.S. money supply and the U.S. public debt scale has a certain degree of contribution to the fluctuations of RMB exchange rate, but its explanation ability is inferior to the interest rate transmission channel and the price transmission channel.Finally, the dissertation summarizes the conclusions drawn from the empirical analysis, and puts forward the corresponding policy suggestions for the RMB exchange rate how to deal with the change of American monetary policy.