Research On The Impact Of Central Bank Currency Swap On Chinese Outward Foreign Direct Investment

As an important measure to smooth the "domestic and international dual circulation",Chinese outward foreign direct investment occupies an important position in the national economy,and in the context of the trend of anti-globalization in the international market,the role of central bank currency swap in promoting the development of Chinese outward foreign direct investment has gradually emerged,and the problems in this field deserve further study.This paper collects relevant data and conducts specific research on the impact of central bank currency swap on Chinese outward foreign direct investment by constructing a multi-period double difference model and an intermediary effect model,as follows:Firstly,the concepts of central bank currency swap and outward foreign direct investment are introduced respectively,the relevant theories involved in the impact of central bank currency swap on Chinese outward foreign direct investment are sorted out,the development status of central bank currency swap and outward foreign direct investment is analyzed,and the achievements and existing problems of central bank currency swap and outward foreign direct investment are summarized.Secondly,in terms of theory,the mechanism of central bank currency swap affecting Chinese outward foreign direct investment is analyzed from the two paths of direct and indirect influence,and on this basis,three research hypotheses are put forward to lay a certain theoretical foundation for the empirical analysis below.Thirdly,in terms of empirical evidence,by collecting data on the scale of Chinese outward foreign direct investment in 167 countries from 2009 to 2020,a multi-period double difference model and an intermediary effect model were constructed,and the relevant hypotheses of the central bank currency swap affecting Chinese outward foreign direct investment were empirically tested.On this basis,robustness test and heterogeneity test are further carried out,which proves the accuracy of the empirical results.Finally,on the basis of the above-mentioned research,this paper mainly starts from the two aspects of promoting the development of central bank currency swap and better playing the intermediary role of exchange rate changes and foreign trade,and puts forward relevant countermeasures and suggestions in a targeted manner,so as to promote the development of Chinese outward foreign direct investment.