The Effects Of RMB Exchange Rate Changes On Sino-US Trade

Since the reform and opening-up policy,foeign trade degree of China has been increasingly deepening,and China has also built interactive relationships with more and more countries.Especially,China and US have enjoyed in close trade relations in recent years.As the bond of foreign trade,exchage rate changes affects the price of import and export commodities,the affecting the stucture of foreign trade.So many Sochlors study on the relaiton of exchange rate of RMB and commodity trade.However,most of them put emphasis on the relation of the exchange rate of RMB and amount of commidity trade;few of them study on commodity trade structure.So it is meaningful to research the effects of RMB exchange rate changes on Sino-US trade strcuture.In order to evaluate the effect of RMB fluctuation on the structure of Sino-US trade,this thesis focuses on the reaction that fluctuation of RMB exchange rate causes to the structure of China's export trade from the perspective of allocation of resources.Firstly,this thesis systematically analyzes the change of RMB exchange rate regime,and according to PPP model,calculates the real RMB exchange rate.Then this thesis compares the development of bilateral trade structure between China and the United States vertically and horizontally.Finally,this thesis examines the impact of real exchange rate fluctuaion on bilateral trade structure making use of the yearly data from 1994 to 2016.The equation supports that if RMB depreciate,the export structure will improve,but the import structure will deteriorate.