Research On The Spillover Efect Of RMB Exchange Rate Volatility On Financial Markets Of Typical Countries Along The Routes Of The Belt And Road

China has made great achievements all over the world since china joined in WTO,especially in terms of diplomacy.China is closely connected with the world from the term of economy and has a huge impact on the global economy.Under the background of the promote of the Belt and Road as well as the establishment of the Asian Investment Bank and the multilateral trade cooperation organization,RMB plays a significant role in the basket of international currency.As more and more information moving at faster speed from one country to another country,the fluctuation of one market makes influence on another market.From the term,this paper makes research on the spillovers effects of RMB exchange rate volatility on financial markets of typical countries along the routes of the Belt and Road.We take Russia,India and Singapore as example,of which the exchange rate and the daily data of stock index to make the descriptive statistical analysis and the stationarity test.After that we use the data of RMB exchange rate,Russian ruble exchange rate,India rupee exchange rate,Singapore dollar exchange rate,the Russian RTS index,the Mumbai 30 index and FTSE Singapore Straits Times Index to construct the model of bekk-mgarch,which results will make great influence on the policy-making of the RMB exchange rate as well as the promote of the Belt and Road.