关键词: 人民币升值 , 逆传递效应 , 供给冲击 , 需求冲击

Abstract: Based on the perspective of the supply shocks and demand shocks, this paper explains the transmission mechanism of the reverse passthrough effect of RMB Appreciation, and makes an empirical test on the reverse passthrough effect of RMB nominal effective exchange rate of and bilateral nominal exchange rate of RMB against the USdollar by cointegration and vector error correction modelThe results show that, whether in the long run or short run, the RMB appreciation dont have the deflation effect, but with the reverse passthrough effect, and the reverse passthrough effect of RMB nominal effective exchange rate is stronger than the bilateral nominal exchange rate of RMB against the US

Key words: RMB appreciation , reverse passthrough effect , supply shock , demand shock