Research On The Asymmetric Impact Of RMB Exchange Rate On Export Trade And Countermeasures Based On The Industry Perspective

With the deepening of China's exchange rate system reform,the enhancement of market factors will make the exchange rate changes and exchange rate fluctuations become the norm.In the case of new changes in both RMB exchange rate and China's foreign trade situation,it is of great practical significance to continue to explore the relationship between the two so as to provide relevant references for theoretical research and policymaking.As for the influence of RMB exchange rate on trade structure,this paper constructs panel vector autoregression(PVAR)model based on 12 countries for 9 main export products of China,and studies the dynamic relationship between exchange rate change and exchange rate fluctuation and the industry export of 9 kinds of products.The results show that the structural effects of exchange rate fluctuation and exchange rate fluctuation on the export of different industries are different.After that,the conclusion of the first model is whether it is applicable when the exchange rate fluctuation is in the high-low regime.In this paper,the panel smooth transfer regression(PSTR)model is used to study the non-linear effect of exchange rate on export trade.The results show that when the exchange rate fluctuation is in the high regional system and the low regional system,the exchange rate fluctuation and the exchange rate fluctuation have a significant non-linear impact on the export trade of the three industries.Next,we take Lutai Textile Co.,Ltd.and China Eastern Airlines as examples to analyze the factors that affect the profits of enterprises.It is found that the exchange rate changes will have an impact on the export of the company's products on the one hand,and on the other hand,the exchange rate changes will also bring some exchange losses.After that,this paper analyzes and summarizes the measures taken by the two companies.Finally,some suggestions are given.From the perspective of the company,it is suggested to adjust the import proportion of raw materials and auxiliary materials from the perspective of raw materials;from the perspective of financial hedging,we can take hedging and other ways to manage exchange rate risk;from the perspective of financial settlement,we can strengthen the construction of Foreign Exchange Fund management system and optimize the settlement mechanism.From the industry level,it is suggested to promote the diversified development of commodity export,accelerate the development of high value-added industries and establish industry associations to create "made in China".From the national level,it is suggested to actively promote the RMB internationalization and crossborder trade RMB settlement business,improve and deepen the supply side reform,promote the optimization and upgrading of industrial structure,vigorously develop the foreign exchange market,and improve the innovation of exchange rate risk management products.