基于国际价格竞争角度的人民币汇率传递效应测算

In this paper, we have tested the RMB exchange rate pass-through effect from the angle of international price competition by using Cointegration Test and Vector Error Correction Model (VECM). Empirical research indicates that 1) in the US import market, there are obvious price competition between China and ASEAN, Japan, Latin American countries; 2) after comprehensively considered the factor of price competition from major economies in the US import market, China's exports price is affected by the nominal exchange rate of RMB against the U.S. dollar is only 11%, the appreciation of the RMB cannot effectively alleviate the trade imbalance between China and America; 3) China's foreign trade as a whole is still rely on the low price strategy, to maintain the market share, china manufacturers would not transfer domestic cost pressures by rising export prices.