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Pass-through of RMB Exchange Rate to Chinese Domestic Prices

Shi Jianhuai, Fu Xiongguang and Xu Wei(Peking University)  
The paper studies the pass-through of RMB exchange rate to various domestic prices during the period of 1994—2007. The main findings are as follows: (1) One percent exchange rate appreciation results in 0.52 percent decline in import price after seven quarters and 0.38 and 0.20 percent decline in producer price and consumer price respectively after twelve quarters. (2) The contribution of exchange rate shocks is modest in explaining domestic price variance, but exchange rate shocks have disinflation impact on domestic price after RMB exchange rate regime reform in July 2005. (3) The pass-through of RMB exchange rate to different classified consumer price index is significantly different. The pass-through of RMB exchange rate to food, cloth and household facilities is higher than that to the others.
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