%0 Journal Article
%T Real Effect of Exchange Rate in RMB and Trade Surplus in China
%A Zhe WANG
%J Canadian Social Science
%D 2007
%I Canadian Academy of Oriental and Occidental Culture
%X The relationship between real effective exchange rate (REER) of RMB from 1997 to 2006 and trade surplus between China and other trade partners was discussed using cointegration vector autoregression in the paper. The study shows that there exists a long-standing and stable relationship between REER of RMB and trade balance; the fall of the real effective exchange rate of RMB is one of the reasons of the increasing trade surplus, however, the influences it brings are less than domestic GDP and trade partner¡¯s GDP do. So, increasing the flexibility of the exchange rate of RMB, broadening the exchange rate¡¯s float space between RMB and dollar are a necessary part of the package policies in solving the trade surplus. Key words: RMB appreciation, real effective exchange rate, trade surplus, cointegration vector autoregression R¨¦sum¨¦: La relation entre le taux de change r¨¦el (TCR) de RMB de 1997 ¨¤ 2006 et le surplus commercial de la Chine avec les autres partenaires commerciaux est discut¨¦e, en utilisant l¡¯autoregression de vecteur de cointegration, dans l¡¯article pr¨¦sent. L¡¯¨¦tude montre qu¡¯il existe un lien stable de longue date entre TCR de RMB et la balance commerciale, et que la baisse de TCR de RMB est une des raisons du surplus commercial croissant. N¨¦anmoins, ses influences sont moins importantes que celles de PIB de notre pays et des partenaires. Ainsi, renforcer la flexibilit¨¦ du taux de change de RMB, ¨¦largir l¡¯espace de flottement du taux de change entre RMB et le dollar sont n¨¦cessaire pour r¨¦soudre le probl¨¨me de surplus commercial. Mots-Cl¨¦s: appr¨¦ciation de RMB, taux de change r¨¦el, surplus commercial, autoregression de vecteur de cointegration
%U http://cscanada.net/index.php/css/article/view/554