关键词: 人民币升值, 外汇推动型通货膨胀, 紧缩性货币政策

Abstract: By employing economic models and using variables of RMB exchange rate, foreign-exchange reserves, and international commodity prices, this paper makes co-integration analysis on the relationship between the appreciation of RMB and domestic inflation, and thus reaches the conclusion that in the long run, there exists a stable negative correlation between the two — the appreciation of RMB will lead to the fall of inflation. It then makes empirical analysis on the cause of the rise and fall of current inflation. Finally it suggests that we should mainly rely on adjusting foreign economic policy, supplemented by tightening monetary policy so as to curb inflation pushed by foreign exchange reserves.

Key words: Appreciation of RMB , Inflation Pushed by Foreign Exchange Reserves., Tightened Monetary Policy