Abstract: | Under the current two-way fluctuation of the RMB exchange rate,and the new international situation of escalating trade frictions between China and the United States,it is important to research the relationship between exchange rate fluctuations,the international balance of payments,and cross-border capital flows,As well as and the impact of exchange rate fluctuation on domestic macroeconomy.This paper uses Japan,South Korea,Brazil,and China as samples,analyzes empirically the correlation stated above in specific countries,the balance of payments and cross-border capital flows,and evaluates the impact of exchange rate fluctuations on China''s real economic variables,so as to provide effective and efficient suggestions for China to continue the reform on exchange rate regime and improve macro-prudential management of cross-border funds. |