Since China reformed the exchange rate regime on July 21, 2015, RMB exchange rate has been revalued by 21% so far. The remarkable appreciation of RMB exchange rate has affected China's foreign trade deeply in the ...Since China reformed the exchange rate regime on July 21, 2015, RMB exchange rate has been revalued by 21% so far. The remarkable appreciation of RMB exchange rate has affected China's foreign trade deeply in the past 10 years. This thesis aims at analyzing the impact of RMB revaluation on Chinese imports and exports from economic point of view, and tries to propose some suggestions and strategies to face the future revaluation and negative effects caused.展开更多
Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of t...Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of the Liver Transplant Center, the First Affiliated Hospital, Zhejiang University and the experience展开更多
With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto reg...With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.展开更多
It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced t...It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.展开更多
RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is...RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is overwhelmed with excessive liquidities. Certainly the monetary phenomenon is the reflection of the actual economy: continued trade surplus, triggered robustly by the export-driven economy, is bringing a huge amount of exchange reserve which accelerates sequentially the expansion of domestic money supply. Furthermore, a refrained appreciation of RMB tends to deteriorate the domestic inflation, which is not simply a traditional concept of CPI but a broad inflation parameter including a variety of asset prices. It's sure that the new phenomenon is becoming a new challenge to the macroeconomic equilibrium as well as the decision maker of monetary policy.展开更多
The Sino-U.S. trade imbalance and the related debate on RMB appreciation have attracted much attention in recent years. Judging objectively, however, the trade imbalance does not necessarily result in an imbalance in ...The Sino-U.S. trade imbalance and the related debate on RMB appreciation have attracted much attention in recent years. Judging objectively, however, the trade imbalance does not necessarily result in an imbalance in the distribution of trade benefits. By analyzing the distribution of benefits in Sino-U.S. trade from 1978 to 2007, this paper finds that bilateral trade has brought positive benefits to both sides, differentially in terms of production and consumption. Simply put, China has gained benefits for production yet suffered in terms of consumption, whereas the opposite is true for the U.S.. Moreover, even during periods in which the U.S. experienced a trade deficit, its citizens gained larger total individual benefits than those in a period of trade surplus. We argue, therefore, that appreciation of the RMB would reduce the trade benefits for both sides by almost the same margin, bringing little benefit to the United States.展开更多
文摘Since China reformed the exchange rate regime on July 21, 2015, RMB exchange rate has been revalued by 21% so far. The remarkable appreciation of RMB exchange rate has affected China's foreign trade deeply in the past 10 years. This thesis aims at analyzing the impact of RMB revaluation on Chinese imports and exports from economic point of view, and tries to propose some suggestions and strategies to face the future revaluation and negative effects caused.
文摘Liver Transplantation (in Chinese), revised edition, edited by Professor Shu-Sen Zheng and prefaced by Professor Guo-Wei Sang, has just been published. The revised edition is mainly based on the clinical practice of the Liver Transplant Center, the First Affiliated Hospital, Zhejiang University and the experience
基金supported by the Fundamental Research Funds for the Central Universities(2019CDSKXYGG0042,2018CDXYGG0054,2020CDJSK01HQ01)National Social Science Funds(16CJL007).
文摘With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.
文摘It was approved by the State Council in I984 to establish economicand technological development zones in 14 coastal port cities tofunction as windows for those cities to attract foreign investment,introduce advanced technology and management methods andexpand the export-oriented economy.Since 1992,18 other developmentzones have been approved by the Council,increasing the number ofsuch zones to 32.
文摘RMB has been depreciating internally while appreciating externally since 2002. This new monetary phenomenon, has been strengthened in the context that US dollar depreciates internationally and that domestic economy is overwhelmed with excessive liquidities. Certainly the monetary phenomenon is the reflection of the actual economy: continued trade surplus, triggered robustly by the export-driven economy, is bringing a huge amount of exchange reserve which accelerates sequentially the expansion of domestic money supply. Furthermore, a refrained appreciation of RMB tends to deteriorate the domestic inflation, which is not simply a traditional concept of CPI but a broad inflation parameter including a variety of asset prices. It's sure that the new phenomenon is becoming a new challenge to the macroeconomic equilibrium as well as the decision maker of monetary policy.
文摘The Sino-U.S. trade imbalance and the related debate on RMB appreciation have attracted much attention in recent years. Judging objectively, however, the trade imbalance does not necessarily result in an imbalance in the distribution of trade benefits. By analyzing the distribution of benefits in Sino-U.S. trade from 1978 to 2007, this paper finds that bilateral trade has brought positive benefits to both sides, differentially in terms of production and consumption. Simply put, China has gained benefits for production yet suffered in terms of consumption, whereas the opposite is true for the U.S.. Moreover, even during periods in which the U.S. experienced a trade deficit, its citizens gained larger total individual benefits than those in a period of trade surplus. We argue, therefore, that appreciation of the RMB would reduce the trade benefits for both sides by almost the same margin, bringing little benefit to the United States.
