关键词: 实际有效汇率 , 加工贸易 , 本土增值

Abstract: By using panel DOLS method with the quarter manufacture importexport data of China from 2001—2010, this paper analyzed the impact of the exports domestic valueadded combined RMB appreciation on the general trade and processing trade. The empirical results showed that with the exports domestic valueadded upgrading, the elasticity of exchange rate for processing trade export would become sensitive and processing trade import had a “onetoone” relationship with export so its flexibility of exchange rate was negative. The processing trades domestic valueadded would enlarge the function of RMB appreciation on reducing trade surplus. Therefore, speeding up technology progress, producing more complex intermediate goods would appropriately alleviate pressure on the forced and rapid appreciation of RMB.

Key words: real effective exchange rate , processing trade , domestic value-added