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Chinese Journal of Management Science ›› 2022, Vol. 30 ›› Issue (1): 32-41.doi: 10.16381/j.cnki.issn1003-207x.2020.0240

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Influencing Mechanism of Macroeconomic Factors on RMB Exchange Rate Bidirectional Fluctuations: An Empirical Research from the Perspective of Multiple Policy Goals

LIU Zi-xi1, 2, GONG Jian3   

  1. 1. Institute for Advanced Research,Shanghai University of Finance and Economics,Shanghai 200433, China;2. Key Laboratory of Mathematical EconomicsSUFE, Ministry of Education, Shanghai 200433, China;3. School of International Economics and Trade, Dongbei University of Finance and Economics, Dalian 116025, China
  • Received:2020-02-20 Revised:2020-08-11 Online:2022-01-20 Published:2022-01-29
  • Contact: 宫健 E-mail:gongjian0523@163.com

Abstract: Since 2011, although the RMB exchange rate starts to implement managed bidirectional floating regime, the increase in the range and frequency of exchange rate fluctuations means that the bidirectional spillover effect of domestic and foreign monetary policies has been increased, which affects the domestic economy and the confidence in holding RMB. The effects of structural changes in exchange rate regimes comprehensively are analyzed via introducing policy dummy variables, in order to find out the transmission mechanism of macroeconomic factors on RMB exchange rate bidirectional fluctuations, which is significant to maintain financial stability.

Key words: RMB exchange rate fluctuation;monetary policy;spillover effects;structure break

CLC Number: