自2005年7月人民币汇率形成机制改革两年多来，人民币对美元汇率一直处于稳步、小幅、高频的动态升值过程中。
然而我国的出口依然随着人民币升值继续大幅度增加，同时贸易顺差也持续加大。传统国际收支理论所不能解释的现象需要从新的视角进行解读。在利用汇率不完全传递理论对我国出口企业的微观定价行为进行研究的基础上，以期找出人民币汇率变动对我国出口企业的具体影响机制和影响程度。通过汇率不完全传递的成因和途径分析得出只有转变我国的经济增长方式，包括通过调整收入分配政策、有效提高内需、转变外贸增长方式等，才能实现我国内外经济的平衡发展。
关键词：人民币汇率；不完全传递；出口商品价格
Abstract
The RMB exchange rate against the dollar has been in a steady,small,high –frequency dynamic revaluation process for more than two years since the reform of RMB exchange rate formation mechanism comes into being in July 2005.However China’s exports has continued to increase substantially, as while as the trade surplus. This phenomenon that can not be explained by these traditional theories of the balance of payments needs to be interpreted from the new perspective.
Based on the studies the conduct of china’s export-enterprises’ micro-pricing by using the theory of incomplete exchange rate pass-through. The specific mechanism and extend of effect by changes of RMB exchange rate to export-enterprises in China can be found out.But fundamentally, only analyzing the causes and the routine of incomplete exchange rate pass-through , including through adjusting the income distribution policy to effectively improve domestic demand ,and the transformation of foreign trade growth mode ,and so on, can achieved a balanced development of the economy at home and abroad .
Keywords：the RMB exchange rate; incomplete pass-through ;price of exports
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