Empirical Study Of U.S.Quantitative Easing Monetary Policy Impact On China

From2008the U.S. government began to implement a four-channel unconventional quantitative easing monetary policy, to ease the financial crisis recession and make up the big budget deficit. This policy had a certain effect on U.S. stimulating economic recovery^consumption and investment, but at the same time China as a developing country has close contacts with the United States, the implement of this policy would inevitably have a significant impact on our real economy and financial market. This paper took foreign trade of our real economy for example, and analyzed the impact of the policy on our country. This paper firstly make a qualitative analysis on the four channels of U.S. quantitative easing monetary policy impact on China’s foreign trade, then study its significance and difference of each period based on SVAR modelThrough the analysis of combining theoretical and empirical, qualitative and quantitative, the conclusion is:U.S. quantitative easing monetary policy affect China’s foreign trade through the ways such as commodity price and exchange rate, in the short term, the policy improved our trade balance situation through promoting U.S. economy; in the long-term, the policy deteriorates our trade balance through the suppression on exports caused by commodity price rising and stimulating on imports caused by foreign direct investment increasing.