flow nfdi capital of rmb exchange rate under the background（nfdi资本流动的背景下人民币汇率）.docVIP

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flow nfdi capital of rmb exchange rate under the background（nfdi资本流动的背景下人民币汇率）.doc

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flow nfdi capital of rmb exchange rate under the background（nfdi资本流动的背景下人民币汇率）

Flow NFDI capital of RMB exchange rate under the background :: Introduction of paper. [Keywords]: NFDI capital flows RMB appreciation cointegration Paper Keywords: Flow NFDI capital of RMB exchange rate under the background I. Introduction The relationship between capital flows and exchange rates, including two aspects: First, to exchange rate fluctuations had an impact on the flow of capital; the second is flowing into and out have a certain impact on the exchange rate of capital. There are a lot of research in this area. For example, Xi Jun Yang (2002) believes that the high capital mobility conditions, differences in Chinese domestic and foreign interest rates and other factors, will cause rapid response to capital flows, which have an impact on the yuan / dollar exchange rate through the capital projects. Zhang Zhonghua (2007) that, in the expectation of RMB appreciation paper download, international short-term capital inflows will, and lead to further increase the pressure of RMB appreciation. The capital flows are numerous literature as a whole, without distinction of which FDI flows of capital and non-FDI capital. Therefore, this article will be in the background of the RMB exchange rate appreciation, study the relationship between the RMB exchange rate and China NFDI (non-FDI capital flow). Through the relevant empirical analysis, we can better analyze the RMB exchange rate appreciation for what it means NFDI instructions. What is non-FDI capital flows two, NFDI definition and calculate it? More simply, that is ‘hot money.’ Here we give a formula for calculating NFDI capital flows: NFDI = increase the amount of foreign exchange reserves - trade surplus - foreign direct investment. In fact, this is to increase the amount of a country’s foreign exchange reserves excluding the component factors of trade and direct investment, which constitute the main body of investment securities are basically content. We get from January 1997 to June 2