| In this paper, observed the Australian dollar against the RMB exchange rate trend, from July 20,2005 to January 18,2013, a total of 7.5 years in 1958 trading days, that found the Australian dollar and the RMB has formed a close contact "shadow currencies" phenomenon, which since 2005 the reform of the RMB exchange rate before and after. Through the description and analysis of this phenomenon, and discusses its influence and function, finally focus on the features of the exchange rate regime on Australia, and some of the conclusions of the internationalization of the RMB, to predict the actual foreign exchange operations and economic trends, which has a certain reference value.Apart from the introduction and conclusion, the main part of the thesis consists of eight chapters.The introduction part explains the subject, source of ideas, the innovation and deficiency.The first two chapters are mainly prepared knowledge. The first chapter introduces some basic knowledge of the exchange rate system, and the related literature review. The second chapter mainly introduces the current Australian exchange rate system, and its historical evolution. Then focus the "fear of floating"on the Australian dollar against the RMB exchange rate.From the third chapter, we enter the main part. The third chapter introduced the theme, the Australian dollar against the RMB exchange rate "shadow currencies" phenomenon. This part mainly uses the time series analysis technique of the Econometric, the cointegration analysis and the two step regression. The following two chapters for more in-depth analysis, the fourth chapter analyzes some basic factors of this phenomenon, and the reaction and the economic impact of this phenomenon. The fifth chapter tries to explain the economic phenomenon in some ways.The chapter behind is some extension of the discussion, about some abnormal phenomena during the period.Last chapter give the conclusion and analysis the future of the "shadow currencies" phenomenon. |
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