Research On The Impact Of RMB Exchange Rate Changes On China's Manufacturing Export Trade Value Added

In the face of the RMB exchange rate regime in 2005 after the reform of RMB exchange rate continue to rise,China's exports are growing situation,what kind of impact on China's trade the exchange rate changes takes is becoming a research hotspot.With the deepening of the integrational production integration and trade of intermediate products proportion is more and more big,the exchange rate fluctuation on the effect of the added value of export in China has important practical significance.At first,this paper use price model analysis the functional mechanism of exchange rate changes on the added value of export trade.Then use the latest WIOD database about input and output in 2016,calculated the added value of Chinese manufacturing exports from 2000 to 2014,and China's manufacturing exports to the United States,the European Union,Japan added value.With constructing panel data,the analysis of the effect of the added value of the RMB exchange rate change on export trade.The results show that with the RMB exchange rate appreciation,the integral manufacturing export added value is restrained,but the degree of inhibition is related to the industry.Low technology-intensive industry,mainly resource-intensive and labor-intensive manufacturing,the added value of the exchange rate of inhibition is small,the appreciation of the RMB exchange rate promote this kind of industry added value of exports.And high technology intensive industry of our country,most belong to the processing trade,this kind of industry raw material imports than major,the appreciation of the RMB to make its import more foreign resources to reduce costs,cut domestic value-added.We also found that some industries with foreign income levels rise,the export added value decline,mainly concentrated in coke,metal,medical and low technology such as machinery manufacturing industry,the industry mainly resource-intensive and processing trade.As the growth of the foreign income,to gradually improve the quality of the product requirements,the resources of the traditional processing cannot meet the demand,foreign export reduce.This type of industry is one of the key industries in the transformation of our country needs to be.