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Empirical Analysis of the Impact of Real Exchange Rate Fluctuation of RMB on International Trade

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DOI: 10.23977/ICEMBE2023.052


Zilong Liu

Corresponding Author

Zilong Liu


Owing to the rapid growth of China’s economy and the advancement of internationalization of RMB, the impact of the fluctuation of RMB’s real exchange rate on international trade has gradually become the focus of attention. This article empirically analyzes the relationship between the real exchange rate of RMB and China’s import and export trade data from 2001 to 2022 by constructing a multiple-linear regression model. The study found that the rise of the RMB real exchange rate was negatively correlated with China’s export trade, and positively correlated with import. In addition, through in-depth analysis of the impact mechanism, it was found that the impact of real exchange rate fluctuations of RMB varies depending on product types, industry characteristics, and trading partners. This article also explores the direction of exchange rate policy and suggestions for adjusting international trade strategies, and provides practical operational guidance for enterprises. Overall, this study reveals the complex impact of real exchange rate fluctuations of RMB on international trade, which helps policymakers and enterprises better understand and respond to the challenges posed by exchange rate fluctuations.


RMB, Real exchange rate, International trade, Empirical analysis

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