关键词: 人民币汇率水平变动, 人民币汇率波动, 中美出口价格, 汇率传递

Abstract: Based on the US-China bilateral data from Jan 2001 to Dec 2010, the paper analyzes the effects of RMB exchange rate levels and volatility on prices of China’s exports to US under HS Classification. The conclusion is that, there exists obvious difference in the effect of RMB exchange rate levels on export prices of different classes. The appreciation of RMB exchange rate levels doesn’t depress the exports of HS16, HS20 and HS11, which account for more than 85 percent of China’s trade surplus to US. Hitherto, the appreciation of RMB exchange rate levels has limited effect on the adjustment of trade imbalances. The volatility of RMB exchange rate has negative effects on prices of most categories of exports, but the influence is generally little. Therefore, we can appropriately expand RMB exchange rate trading band, enhance RMB exchange rate flexibility, thus develop the capability of enterprises to resist risks and international competitiveness, improve the flexibility of macroeconomic operation.

Key words: Exchange Rate Levels, Exchange Rate Volatility, Prices of China’s Exports to US, Exchange Rate Pass-through