The Study Of RMB Exchange Rate Fluctuation's Non Symmetry Impact On The Foreign Trade

In recent years,the RMB exchange rate volatility continues to increase,the two-way volatility of the RMB exchange rate is obvious,the volatility increased significantly;China's foreign trade growth has slowed down to “New Normal”.This paper first analyzes the RMB exchange rate movements against three major currencies the U.S.dollar,the euro and the yen,as well as changes in the RMB effective exchange rate in recent years.Since the reform and opening up,especially after joining the world trade organization,China's total import and export volume has been growing at an amazing speed.From the beginning of reform and opening up to2001,China's foreign trade keeps balance accounted,but the trade surplus begins in90 s.After joining the WTO,the scale of China's foreign trade experience rapid expansion.This paper studies the measurement of bilateral trade between China and three representative countries,the United States,European Union and Japan.For the three countries of the measurement results,although there are different,but the results are consistent with the theoretical expectations,the price elasticity of exports is positive,the price elasticity of imports is negative.Further in this paper,the effects of exchange rate fluctuation and fluctuation on the asymmetry of bilateral trade are measured and tested.On exports,the effect of appreciation is significantly greater than the depreciation;and,on the contrary,for imports,the effect of devaluation is greater than the effect of appreciation.When the volatility of RMB is larger,the impact on import and export trade is greater than the influence of the volatility.This paper suggests that China should increase investment and R & D of independent brand products,and reduce the dependence on imported high-end products.The reform of RMB exchange rate formation mechanism should be steady and gradual way.