金融危机前后人民币汇率对于股市的影响

The Impact of the RMB Exchange Rate on the Stock Market Before and After the Financial Crisis

外汇市场与股票市场一直存在着密切关系,自2005年汇率制度改革以来,人民币升值过程一直在继续,人民币升值预期也在不断加强,与此同时,中国股票市场也开始出现剧烈波动。文章分别对金融危机前后人民币汇率与上证指数之间的关系进行分析,运用国际贸易和国际资本流动的相关理论对实证结果作了相关解释,并提出建议。

There＇ s always some closely relation between the foreign exchange market and the stock market. Since the reform of Exchange rate system in 2005 ,the appreciation of the RMB has been continuing. People expectation is also going up. At the same time,Chi- na＇s stock market starts fluctuating. The relation between the RMB exchange rate and Shanghai Securities Composite Index before and after the financial crisis is analyzed. The empirical data are explained with theories of international trade and international capital flow, based on which proposals are suggested.