Research on Influencing Factors of RMB Exchange Rate Fluctuation in the New Era--Based on Multiple Linear Regression Analysis

Jiayu Yang

《Frontiers in Economics and Management》 4卷1期 (2023/01) Pp. 62-66

https://doi.org/10.6981/FEM.202301_4(1).0005

摘要

The exchange rate of the national currency reflects the external value of the currency to some extent. With the advancement of RMB internationalization, RMB exchange rate plays an increasingly important role in Chinese and world economic activities.In the new era, the RMB exchange rate is affected by more new events such as the novel coronavirus epidemic and the US Federal Reserve's interest rate hike. This paper selects a total of 14 years' data from 2009 to 2022, takes RMB as the exchange rate as the research object, and constructs a multiple linear regression model to comprehensively analyze the influence of traditional common factors GPD, CPI, foreign exchange reserve scale and new factors such as the intensity of COVID‐19 in different periods and the Federal Reserve's interest rate hike on RMB exchange rate. And make relevant policy recommendation accordingly.

關鍵字

International Finance ； Multiple Linear Regression Analysis ； RMB Exchange Rate

參考文獻

Xu Jingyi, Ge Yining&XuWeiwel.(2022) Analysis of influencing factors of RMB exchange rate based on VAR model. Exhibition Economics, 14: 22-24.

Li Mingqian.(2021).The impact of the interest rate hike of the Federal Reserve on the RMB exchange rate - An Empirical Analysis based on the sixth round of interest rate hike of the Federal Reserve. Modern Business, 20: 121-123.

Zhu Ning, Zhong Jiayu & Xu Yixuan.(2021). How Do Uncertain Events affect the volatility of RMB exchange rate? -- The fact analysis and transmission mechanism based on the COVID-19 epidemic. Theory and Practice of Finance and Economics, 04:16-23.

Zhang Shenhong, Huang Peiru& Tang Chunling.(2018). Empirical analysis of influencing factors of RMB exchange rate based on multiple linear regression model. National Circulation Economy, 25: 93-94.