人民币汇率升值预期对我国国内生产成本的影响（The appreciation of RMB exchange rate is expected to affect the domestic production cost）.docVIP

人民币汇率升值预期对我国国内生产成本的影响（The appreciation of RMB exchange rate is expected to affect the domestic production cost） The appreciation of RMB exchange rate is expected to affect the domestic production cost [abstract] since the reform and opening up, China has gained a lot of interests in international trade with the cost advantage of domestic production. Exports stimulate the rapid growth of the economy, while the problem of currency appreciation caused by the persistent surplus has become a dilemma in Chinas economic development. Although the exchange rate appreciation may cause the loss of the export sector competitiveness, but in theory, exchange rate appreciation will also be able to ease domestic inflationary pressure, and can lower the price of imported raw materials and reduces the production cost of the home. However, since the revaluation, the yuans appreciation does not reduce inflationary pressure, on the contrary, appreciation, has been accompanied by rising prices at the same time, the RMB exchange rate, the linkage between domestic asset prices and prices more and more obvious. This paper starts from the relationship between RMB exchange rate expectation, asset price and price, and studies the impact of RMB appreciation expectation on domestic production cost. The result shows that the expectation of RMB appreciation will lead to the increase of domestic production cost, namely the loss of cost advantage. [key words] RMB exchange rate expectation; Cost advantage; Asset prices; inflation One, the introduction Since joining the WTO, Chinas openness has been deepened and the economic growth has been growing rapidly. The external imbalance has become more and more prominent, and the domestic economy is under the pressure of inflation. Exacerbate inflation means that the cost advantage of domestic goods in losing, and the loss of this kind of cost advantage, than the export price advantage, the loss of impact of the appreciation of more profound, because its not