关键词: 人民币升值 , 外部压力 , 美国施压事件 , 冲击与效应

Abstract: The paper studies the effect of the external pressure on the RMB appreciation, based on Game model, VAR model and event study Firstly, this paper builds a game model of the domestic and foreign interest group to analyze the effect of external pressure on the appreciation of RMB exchange rate, and conclude that external pressure has an effect on the appreciation of RMB; Secondly, this paper estimates the changes of exchange rate of RMB before and after the US pressure on China, which reaches the conclusion that United States pressure has no great effects on the appreciation of RMB, however the legislative events have more pronounced effect than the chief events; Lastly, this paper builds a VAR model to investigate longterm and shortterm influence The empirical results show that external can not promote the appreciation of RMB in the longrun equilibrium while in the shortterm equilibrium, external pressure will force the appreciation of RMB exchange rate significantly

Key words: RMB appreciation, external pressure, pressure of USA, shocks and effects RMB appreciation, external pressure, pressure of USA, shocks and effects