Research Of Inter-relation Between RMB Exchange Rate,Real Estate And Monetary Policy

China's monetary authorities reformed on the mean prices on the RMB vs.dollar currency exchange rate,since then the RMB exchange rate showed a trend of substantial depreciation.On December 2016,the RMB exchange rate depreciated to 6.8375.Although the economy is facing downward pressure,the real estate market is still booming,especially in first-tier cities.Meanwhile,monetary policy also has a great impact on exchange rate and house prices.Therefore,the study of the relationship among the RMB exchange rate,the real estate price and the monetary policy has an important theoretical and practical significance.The paper uses empirical and qualitative analysis method to research the relationship between RMB exchange rate,the real estate and the monetary policy.First of all,this paper analyzes the qualitatively changeable situation of RMB exchange rate,the real estate and the monetary policy.Next,this paper gives a brief introduction on the TVP-SV-VAR model and empirical research on the date selection.Then,based on the 120 data from January 2006 to December 2015,this paper quantitatively analysis the dynamic relationship between RMB exchange rate,the real estate and the monetary policy.The results show that the relationship of RMB exchange rate,the real estate and the monetary policy are changing with the varying times,which is different between different times.Based on the economic situations and research results,this paper gives some advices on increasing the reform of the foreign exchange market,enrich foreign exchange product,there are also suggestions about control the real estate,such as strengthen the management of real estate market,and increase the intensity of the rea estate market.What's more,this paper gives suggestions about perfecting monetary policy,such as enrich the intermediate target of monetary policy,and improve the macro control system.