Research on the Impact of SDR Weight Adjustment on RMB Exchange Rate and Exchange Rate Expectations
This article is based on the announcement related to the SDR weight adjustment issued by the International Monetary Fund,and uses the event analysis method to explore the impact of the SDR weight adjustment on the RMB exchange rate and exchange rate expectations,as well as the heterogeneity of different announcement types.The study finds that the SDR weight adjustment has a certain inhibitory effect on the depreciation of the onshore and offshore RMB exchange rates.The SDR weight adjustment has caused obvious exchange rate appreciation expectations for the onshore and offshore RMB during the window period,and the exchange rate appreciation expectations.It highly coincides with the exchange rate recovery time.Looking at different announcement types,the RMB exchange rate responds more immediately to the amount adjustment announcement,while there is a"time lag effect"in the response to the weight adjustment announcement.The impact of SDR weight adjustment on the exchange rate mainly affects market sentiment and thus exchange rate expectations.In view of this,we should strengthen the management of foreign exchange expectations,enrich RMB foreign exchange products and tools,further strengthen the role of RMB in SDR,and provide strong support for the RMB exchange rate to maintain basic stability.
万方数据
维普
