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Empirical Analysis of Factors Affecting RMB Exchange Rate and Policy Implications Under Epidemic Conditions

In: Proceedings of the 8th International Conference on Financial Innovation and Economic Development (ICFIED 2023)

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  • Yuhang Zhang

    (Jinan University, International Business)

Abstract

This paper first summarizes the current situation of RMB exchange rate fluctuations from 2020 to 2022. On this basis, the causes of RMB exchange rate fluctuations are analyzed from five aspects: the epidemic, the international political environment, the Russia-Ukraine conflict, the interest rate hike of the Federal Reserve and the supply and demand of the foreign exchange market. Find out the factors and trends affecting the fluctuation of RMB exchange rate. Finally, aiming at China’s response to the fluctuation of RMB exchange rate, the paper puts forward to further promote the two-way symmetric opening of the capital account and improve the formation mechanism of the RMB exchange rate. To accelerate the upgrading of industrial structure and improve the competitiveness of the countermeasures and suggestions to promote the further development of RMB internationalization.

Suggested Citation

  • Yuhang Zhang, 2023. "Empirical Analysis of Factors Affecting RMB Exchange Rate and Policy Implications Under Epidemic Conditions," Advances in Economics, Business and Management Research, in: Yushi Jiang & Guangming Li & Wilson Xinbao Li (ed.), Proceedings of the 8th International Conference on Financial Innovation and Economic Development (ICFIED 2023), pages 371-376, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-142-5_41
    DOI: 10.2991/978-94-6463-142-5_41
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