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

摘要： 基于供给冲击与需求冲击的研究视角，本文阐述了人民币升值的逆传递效应的传导机制。运用协整与向量误差修正模型，实证检验了人民币名义有效汇率与人民币对美元的双边名义汇率的逆传递效应。结果表明，无论在长期还是在短期，人民币升值都不具有通货紧缩效应，而是具有逆传递效应，并且名义有效汇率的逆传递效应强于双边名义汇率。

关键词: 人民币升值 , 逆传递效应 , 供给冲击 , 需求冲击