| With the development of globalization, every countries’ currency policyinfluence each other gradually deep and emerge obvious spillover effect, moreover,this kind of spillover effect has arouse related scholar’s and specialists’ attention.Hence, research on principle and transmission mechanism of U.S. quantitative easingmonetary policy’s spillover effect, and coming on a conclusion what U.S. quantitativeeasing monetary policy’s spillover effect exert influence on China’s economy andpolicies dealing with other countries’ influence of currency policy. Firstly, Underthe application of MFD model and NOEM model, consider U.S. quantitative easingmonetary policy’s spillover effect caused appreciation of RMB, restrained our level ofexport, make foreign exchange reserve depreciation, cause asset bubbles andinflation, and affect the independence of currency policy. Moreover, I takeadvantage of three currency policy method of transmission to analyze QE’stransmission to our country. Three methods of transmission: the method of interest,the method of trade and output, the method of exchange. Besides, we take “bordereffect†into consideration, namely coutries having the same or familiar culture trendto possess the same opinion on currency policy. Thirdly, according to the analysison our country’s economy, I propose a series of approaches to deal with othercountries’ influence of currency policy, namely, applying with systematic policies tomanage inflation, enriching foreign exchange reserve, taking advantage of suitabletiming to speed up the process of RMB globalization and participating in the reformof international currency system energetically. |
