The Yuanâ€™s Exchange Rates and Pass-through Effects on the Prices of Japanese and US Imports
This paper estimated the pass-through effects of yuanâ€™s exchange rates on prices of the US and Japanese imports from the Peopleâ€™s Republic of China (PRC). Empirical results show that, a 1% nominal appreciation of the yuan would result in a 0.23% increase in prices of the US imports in the short run and 0.47% in the long run. Japanese import prices were relatively more responsive to changes of the bilateral exchange rates between the yuan and the yen. For a 1% nominal appreciation of the yuan against the yen, Japanese import prices would be expected to rise 0.55% in the short run and 0.99%, a complete pass-through, in the long run. [ADBI Working Paper 216]
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