Research on the Impacts of the RMB Exchange Rate's Fluctuation on Investments-Based on the Manufacturing Sector and its Sub-Industry

摘要

This paper studies the impact of exchange rate fluctuations on investment in the manufacturing industry.The sample period for this paper is from 1999Q1 to 2008Q4.The empirical results show that the appreciation of the RMB exchange rate will significantly lead to the decrease of the investment of the manufacturing industry.