摘要
汇率和股票价格波动之间具有很强的相关性,汇率的变动会通过贸易、货币供应、利率、心理预期等机制引起股价的波动。虽然受外汇管制、金融市场发展程度及市场开放度的影响,人民币汇率通过传统的传递机制对中国股票价格波动受到一定限制,但在人民币持续升值的压力下,外资以直接和间接方式对国内股票市场造成的冲击已是不争的事实。
Between the exchange rate and the stock price undulation has the very strong relevance, the exchange rate＇s change can cause the stock price undulation through many mechanisms, including the transit trade, the currency supply, the interest rate, the psychology anticipated and soon on. The influence of the RMB exchange rate on China＇s stock price fluctuation through the tradional conduction mechanism is restrainec＇l because of the foreign exchange control,the development degree of finance market and the influence of the market open. But for the pressure of the RMB revaluation increasingly, foreign capital shockis the home stock market in the direct and indirect methods is the neccessary fact.
出处
《经济与管理》
2008年第2期57-60,共4页
Economy and Management
关键词
人民币升值
传导机制
股价波动
资本流动
Renminbi revaluation
conduction mechanism
stock price undulation
circulation of capital
