| As a kind of price conversion index,the real exchange rate,which excluding the inflation factor,plays an important role in the international trade market.It is one of the most important and direct means to regulate the trade balance of a country.China's exchange rate system plays a different role in the development of international trade in different historical periods.The impact of RMB exchange rate system on the trade between China and "The Belt and Road" in different periods similarly shows different characteristics.With the third "remittance reform" in 2005,the RMB exchange rate formation mechanism is becoming more and more marketable.The change of exchange rate and the development of international trade have become increasingly close.From the two aspects of theoretical and empirical analysis,this paper discusses how the change and volatility of the real exchange rate impacts the trade between China and countries who takes part in "The Belt and Road".According to the time sequence,the first theory part discusses the most influential exchange rate trade theory in every historical period,and focuses on the analysis of the elasticity theory.Secondly,the author discusses the price transmission process of exchange rate fluctuation.Finally,the author introduces the reform of RMB exchange rate,and analyzes the situation of trade of China and the "One Belt,One Road" countries.In the empirical part,the author has collected the macroeconomic data of the 64 study objects from 1995 to 2016,then estimates the exchange rate elasticity of import and export by using panel fixed effects and discusses the influence of different packet exchange rate situation of trade,At the end of the thesis,the author analyzes and summarizes the empirical results according to the results of the empirical test.On this basis,the corresponding countermeasures and suggestions are put forward on the basis of the negative impact of the exchange rate. |
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