关键词: 人民币汇率, 地区差距, 人民币国际化

Abstract: It is analyzed in this paper there are two transmission mechanisms that regional gaps are affected by RMB exchange rate. These two mechanisms are foreign trade and foreign direct investment. In order to identify the analysis, the whole of China is divided into four parts: eastern, middle, western and north east China. Theil index is calculated and we get the index system which reflects the regional gaps. With the Lag-Augmented VAR model, an interesting conclusion is arrived that there is Granger Causality between Theil index and RMB exchange rate. At last, the conclusion goes further by generalized impulse response function. Based on the research of Grauwe(2003), the net cost to operate the RMB monetary system is quite higher. It’s lack of solidity to promote the RMB internationalization under this condition.

Key words: Exchange Rate of RMB, Regional Gaps, RMB Internationalization